{"id":129432,"date":"2024-08-19T10:50:25","date_gmt":"2024-08-19T10:50:25","guid":{"rendered":"https:\/\/kinesis.money\/?p=129432"},"modified":"2024-08-19T10:52:44","modified_gmt":"2024-08-19T10:52:44","slug":"gold-hits-another-high","status":"publish","type":"post","link":"https:\/\/kinesis.money\/pt-br\/market-analysis\/gold-news\/gold-hits-another-high\/","title":{"rendered":"Gold Price News: Gold Hits Another High"},"content":{"rendered":"\n

Gold surged to another all-time high on Friday, topping $2509\/oz in intraday trade and bringing a weekly gain to over 3%. The yellow metal has once again proven resilient to renewed firming in US rates markets and opens the week having already reached a new high of $2515\/oz<\/a>.<\/p>\n\n\n\n

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KAU\/USD 1-hourly Kinesis Exchange <\/figcaption><\/figure>\n\n\n\n

The latter half of last week saw expectations of a September Fed rate cut pared from an even chance of a 0.25% or 0.5% cut to just a 25% probability of a 0.5% reduction. This was seemingly prompted by better-than-expected US July US Retail Sales on 15 July. However, the follow through to the long end of the yield curve was limited, with 10-year US Treasury yields down marginally on the week.  Looking to the end of the year, futures are still pricing in a total of 3-4 quarter-point cuts in total and an average of 7 quarter-point cuts by June next year, according to CME FedWatch.<\/p>\n\n\n\n

The most recent CFTC Commitments of Traders (CoT) report published late on Friday indicates that speculators increased net long gold futures positions over the previous week and are now close to the 41-month high recorded on 26 July. Conversely, physical gold ETFs\/ETCs show some net outflow late last week, possibly a sign of profit-taking. Monday sees Fed Board Member Waller (voter, dove) speak, followed by Fed Board Member Waller (voter, centrist) and Atlanta Fed President Bostic (voter, hawk) on Tuesday.<\/p>\n\n\n\n

Gold\u2019s new all-time high on Friday meant that descending oblique minor resistance at $2465\/oz, major horizontal resistance at $2468\/oz and oblique ascending resistance at $2505\/oz were all broken on Friday\u2019s close. These levels now present as support and while RSI appears somewhat elevated (at 65), MACD is supportive.<\/p>\n\n\n\n

To the upside, the completion of the 26 June, 17 July, and 25 July symmetrical triangle suggest an initial upside target of $2543\/oz.  <\/p>\n\n\n\t\t\t

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Mike<\/a> is a market strategist and media commentator with 30 years of experience analysing precious metals markets.\u00a0\u00a0\u00a0He developed his expertise working as an investment banker in emerging markets such as South Africa, Russia and Chile. His focus on precious metals was extended through subsequent work within private wealth management and his own research consultancy.\u00a0\u00a0\u00a0During this time, he covered the gold, silver, platinum and palladium markets.<\/em><\/p>\n

This publication is for informational purposes only and is not intended to be a solicitation, offering or recommendation of any security, commodity, derivative, investment management service or advisory service and is not commodity trading advice. This publication does not intend to provide investment, tax or legal advice on either a general or specific basis.<\/em><\/p>\n

Read our Editorial Guidelines\u00a0here.<\/a><\/em><\/p>\n\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/section>\n\t","protected":false},"excerpt":{"rendered":"

Gold surged to another all-time high on Friday, topping $2509\/oz in intraday trade and bringing a weekly gain to over 3%. The yellow metal has once again proven resilient to renewed firming in US rates markets and opens the week having already reached a new high of $2515\/oz.<\/p>\n","protected":false},"author":51,"featured_media":129493,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":true,"footnotes":""},"categories":[215,91],"tags":[],"class_list":["post-129432","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-gold-news","category-market-analysis"],"acf":[],"yoast_head":"\nGold Hits Another High | Kinesis<\/title>\n<meta name=\"description\" content=\"Discover Kinesis' gold news analysis for today, Monday 19th of August 2024, from leading precious metals analyst Mike Ingram.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"pt_BR\" \/>\n<meta property=\"og:type\" 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