Gold Prices Soar: Will It Hit the $2,900 Milestone?
Gold Prices Soar: Will It Hit the $2,900 Milestone?
Embedded Files
Gold’s Unstoppable Rally Continues
Gold’s Unstoppable Rally Continues
Current Price: $2,875.41
Current Price: $2,875.41
Key Drivers: Slower U.S. services growth, declining dollar appeal, and market recovery.
Key Drivers: Slower U.S. services growth, declining dollar appeal, and market recovery.
Outlook: Bullish with eyes on the $2,900 resistance level.
Outlook: Bullish with eyes on the $2,900 resistance level.
Spot Gold (XAU/USD) extended its record-breaking streak on Wednesday, reaching an all-time high of $2,882.34 during U.S. trading hours. Investors continue to seek safe-haven assets amid global economic uncertainties, while the U.S. dollar loses traction. Stock markets are gradually recovering as traders assess the latest economic data.
Spot Gold (XAU/USD) extended its record-breaking streak on Wednesday, reaching an all-time high of $2,882.34 during U.S. trading hours. Investors continue to seek safe-haven assets amid global economic uncertainties, while the U.S. dollar loses traction. Stock markets are gradually recovering as traders assess the latest economic data.
U.S. Economic Data: Mixed Signals for Markets
Labor Market Strength:
ADP Employment Change report showed 183,000 new private sector jobs in January.
Surpassed the expected 150,000 jobs and December’s 122,000.
Service Sector Slowdown:
January ISM Services PMI: 52.8 (lower than December’s 54 and forecasted 54.3).
Inflation component (Prices Paid Index) fell to 60.4 from 64.4.
Employment Index edged up to 52.3 from 51.3.
Despite labor market resilience, the slowdown in services growth and easing inflation indicators raise concerns about future economic performance.
Stock Market Reaction
Wall Street Volatility:
Asian and European markets closed higher.
In the U.S., only the Dow Jones Industrial Average (DJIA) showed gains.
Technical Outlook: Gold’s Bullish Momentum Holds
Daily Chart:
Bullish momentum remains strong despite overbought conditions.
20-day Simple Moving Average (SMA) surging at $2,750.
4-Hour Chart:
Indicators signal buyers’ willingness to add on dips.
Price remains above key bullish moving averages, with 20 SMA at $2,825.
Key Price Levels to Watch
Support Levels: $2,857.80 | $2,845.30 | $2,829.10
Resistance Levels: $2,883.00 | $2,900.00 | $2,915.00
Thinking About Investing in Precious Metals?
Thinking About Investing in Precious Metals?
Watch this video first.
Learn More With Our Free Gold IRA Guide
Learn More With Our Free Gold IRA Guide
Page updated
Google Sites
Report abuse