GOLD Analysis
Afternoon: Gold Prices Steady Near Record Highs Amid Rate Cut Speculation
Highlights:
- Fed hints at September rate cuts amid growing inflation confidence.
- Key economic data includes ECB policy, US unemployment claims, and Philly Fed Index.
- Gold support at $2,442 and resistance at $2,490; buy around $2,462, targeting $2,482.
Market Outlook
Gold prices have remained firm above $2,460, close to record highs, as expectations grow that the Federal Reserve may cut interest rates as early as September. Several Fed members have expressed increasing confidence that the rate of price increases is now more consistent with policymakers' objectives. Fed Governor Christopher Waller stated on Wednesday that a rate decrease is coming, echoing previous comments by Fed Chair Jerome Powell. Powell indicated that June's lower-than-expected inflation numbers increased confidence in reaching the price growth target and emphasized the central bank's readiness to lower rates before inflation hits 2%.
Looking ahead, key economic data slated for release includes the ECB Monetary Policy from the Euro Zone and Unemployment Claims, the Philly Fed Manufacturing Index, and Natural Gas Storage from the US.
Technical View:
Gold$ Prices: Support at $2,442, resistance at $2,490.
Gold MCX Prices: Support at ₹73,700, resistance at ₹74,600.
Action Plan:
Buy on dip around $2,462, targeting $2,482 with a stop loss below $2,448.
Support and Resistance Levels:
