Technical Analysis

Gold hits six-week high on increasing belief in central bank cuts

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Gold up $17 today

In a world of uncertainty, gold shines ever-brighter.

That’s certainly the case today with Trump announcing new tariffs and risk assets getting beaten up. Gold is up $17 to $1306.

The rally breaks the May high of $1303 and means the precious metal will close the month at the highs.

Gold also rallied nicely in the Nov-Dec period on a similar round of fears about trade. The upside here is considerable but it will need to coincide with a deteriorating in economic data.

The Fed funds market is pricing in a 73% chance of two Fed rate cuts this year.

ForexLive

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