Precious metals and risk assets have witnessed remarkable recoveries since the contained sell-off at the start of August. See how gold, silver and the S&P 500 shape up
Forex Update: As of 14:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: -0.01% 🇪🇺EUR: -0....Gold’s recent ascent to a fresh all-time high comes at a time when markets anticipate the Fed is on the cusp of the rate cutting cycle.
The RSI nears overbought territory, suggesting a fresh catalyst may be needed to continue the current bullish impetus. Such a catalyst may come from the FOMC minutes or Jackson Hole. A bullish surprise may even materialize via a largely anticipated downward revision to the total number of jobs added to the US economy between April 2023 and March 2024, which comes out on Wednesday.
The near-term trendline acting as resistance proved ineffective in keeping bulls at bay, seeing the metal push through it with relative ease. The RSI is still some way from indicating the market is overbought, meaning the bullish move may still have some room left to run.
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