Commodities Analysis by Fawad Razaqzada covering: XAU/USD, US Dollar Index Futures, Gold Futures. Read Fawad Razaqzada's latest article on Investing.com
Gold has reached a new record high, indicating strong bullish momentum.Below, we'll discuss key buy zones to watch in such a scenario.hit yet another record high, after crossing the $2600 mark. In doing so, the metal closed at a fresh unchartered territory for the second consecutive week, remaining on course to potentially finish up for the seventh consecutive month.
But the more immediate and realistic upside target for me is the $2700 mark next, now that $2600 has been breached.In terms of some key support levels to watch, well the $2600 level is the first obvious short-term support on the daily time frame. Below this, the area around $2530 is an interesting area, followed by $2500, where this year’s bullish trend comes into play.Interest rate cuts are set to be a key driver for gold as we head into 2025.
However, this buying spree may taper off if global inflationary pressures cool, reducing the need for central banks to diversify away from fiat currencies. The upcoming US elections also add a layer of complexity. A potential Kamala Harris win, especially with a split Congress, could bring more political stability than a Trump-led scenario.So, while I am expecting to see some profit-taking soon, this won’t change my bullish long-term view on gold, which I have maintained for several years.
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