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Daily Market Analysis By FXOpen
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[QUOTE="FXOpen Trader, post: 339390, member: 104606"] [B][SIZE=5]The Price of Gold XAU/USD Sets a Historical Record Exceeding $2160 per Ounce[/SIZE][/B] [img]https://i.imgur.com/4OAWKUz.jpeg[/img] The previous high was around USD 2,135, but gold rose above USD 2,160 an ounce this morning, reaching its highest level ever, as Treasury yields weakened on hopes that the US Federal Reserve will soon begin cutting interest rates. In a speech yesterday, the Fed chief offered no clarity, saying it would likely be appropriate to ease policy restrictions "at some point this year." Traders now see a 70% chance of a Fed rate cut in June. Technical analysis of the XAU/USD chart shows that: → the price of gold is in an ascending channel (shown in blue); → after a false breakout of its lower border, the price confidently overcame the downward trend line (shown in red) and resistance 2,090; → a strong upward impulse led to the RSI indicator entering the extreme overbought zone. [img]https://i.imgur.com/2dIDYGV.png[/img] [B][URL="https://fxopen.com/blog/en/oa-the-price-of-gold-xau-usd-sets-a-historical-record-exceeding-2160-per-ounce/?utm_source=tptforum&utm_medium=analysis&utm_campaign=resolve"]TO VIEW THE FULL ANALYSIS, VISIT THE FXOPEN BLOG[/URL][/B] [I][B]Disclaimer:[/B] This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice. [/I] [/QUOTE]
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