Gold at all-time high above $2,400
Technical analysis indicates that the risk trends towards the upside, with indicators showing overbought conditions and prices rising above moving averages.
However, it’s crucial to remember that markets are subject to change and can be affected by various factors, including geopolitical risks and economic data.
Recent figures indicate that the U.S. Producer Price Index (PPI) increased less than anticipated, which may influence monetary policy decisions and, as a result, the price of gold. Furthermore, the European Central Bank’s (ECB) choice to keep its monetary policy unchanged could lead to a rate reduction next summer, potentially affecting gold prices as well.
Although the present technical perspective suggests a possible continued rise, market fluctuations can occur due to unexpected events or changes in investor sentiment. Consequently, while gold may not face an immediate decline, it is advisable for investors to remain informed and take into account both technical and fundamental aspects when evaluating market trends.
Gold price one month chart
