Gold corrected after hitting a record $3,707/oz: The Fed's 25 bps cut is already priced in, Powell's tone is cautious, the USD strengthens, the bullish impulse subsides, and profit-taking takes hold.
Key levels: resistance $3,680–$3,700 (ATH $3,707), support $3,650/$3,640, then $3,610–$3,600. With expectations of further cuts already partially priced in, the bullish impulse has temporarily subsided.
The gold price at the time of writing was $3,639/oz.
DISCLAIMER
Note: This article is for analytical purposes only and is not a definitive reference. Consider fundamental and technical developments in trading before making any investment decisions.
Source: Newsmaker.id
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