Gold prices continue to climb in Monday's Asian session, fueled by the Federal Reserve's recent rate cut and heightened geopolitical tensions in the Middle East. While a softer US Dollar supports gold's upward momentum, renewed demand for the greenback could potentially limit further gains.
Gold price trades in positive territory in Monday’s Asian session. The US Fed rate cut and Middle East geopolitical risks continue to underpin the precious metal. The renewed US Dollar demand might cap the upside of the XAU/USD . The Gold price reaches a record high on Monday, supported by a softer Greenback. The start of a monetary easing cycle of the Federal Reserve ’s and the expectation of deeper rate cuts this year might underpin the non-interest-bearing Gold price.
The yellow metal approaches a major resistance area near the all-time high at $2,625. A decisive break above this level could pave the way to the $2,700 psychological level. On the flip side, the first downside target emerges at the $2,600 round figure. A breach of this level could see a downward move back towards the resistance-turned-support level at $2,560. The next contention level is located at $2,485, the low of September 6.
Gold Price XAU/USD Federal Reserve Geopolitical Risks Middle East
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