Gold hit a new all-time high of $2,685 on Thursday as the Greenback began to recover from earlier losses sustained in the Asian and European sessions.
Gold reaches an all-time high of $2,685, buoyed by China’s stimulus and Middle East tensions. Despite strong US Dollar, Fed’s recent 50 bps rate cut fuels bullish sentiment for continued gains in Bullion. US economic data points to a ‘soft landing’ scenario, keeping market optimism high for further Gold upside. US data portrays a ‘soft landing’ scenario, while China’s stimulus and rising tensions in the Middle East boosted Bullion prices. At the time of writing, the XAU/USD trades at $2,670.
However, the momentum favors buyers, though the rally seems overextended, as portrayed by the Relative Strength Index climbing further to overbought territory, close to testing the extreme levels above 80. If XAU/USD extends its rally past the current year-to-date peak of $2,685, the next resistance would be the $2,700 mark. Up next would be the $2,750 level, followed by $2,800. On the flip side, if XAU/USD drops below $2,650, look for a test of the September 18 daily high at $2,600.
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