Gold price rallied to a record high on Tuesday, fueled by expectations of aggressive policy easing by the Federal Reserve and escalating geopolitical tensions. Dovish Fed expectations, along with disappointing US macro data, kept the US Dollar depressed, acting as a tailwind for gold. Bulls took a breather on Wednesday amid overbought conditions, but investors remain focused on upcoming speeches by Fed officials and the release of the US PCE Price Index.
Gold price is underpinned by dovish Fed expectations and geopolitical tensions . The upbeat market mood does little to dent the underlying strong bullish tone. Traders await speeches by Fed officials and the US PCE data for a fresh impetus. Gold price rallied to the $2,664-2,665 region on Tuesday, hitting yet another record high amid rising bets for a more aggressive policy easing by the Federal Reserve and escalating geopolitical tensions in the Middle East.
Technical Outlook: Gold price needs to consolidate before the next leg up, ascending channel acceleration in play From a technical perspective, this week’s breakout through a short-term ascending channel and the subsequent move up supports prospects for additional gains. That said, the Relative Strength Index on the daily chart has moved above the 70 mark, suggesting slightly overbought conditions.
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