{"id":132313,"date":"2024-09-23T09:02:55","date_gmt":"2024-09-23T09:02:55","guid":{"rendered":"https:\/\/kinesis.money\/?p=132313"},"modified":"2024-09-23T09:02:55","modified_gmt":"2024-09-23T09:02:55","slug":"gold-boosted-rates-uncertainy","status":"publish","type":"post","link":"https:\/\/kinesis.money\/tr\/market-analysis\/gold-news\/gold-boosted-rates-uncertainy\/","title":{"rendered":"Gold Boosted by Low Rates and High Uncertainty"},"content":{"rendered":"\n

Gold managed to recoup Wednesday\u2019s post-Fed wobble to end the week near another all-time high above $2625\/toz<\/a>. Despite renewed guidance, markets remain convinced that the Fed will need to do more to underpin the US economy. <\/p>\n\n\n\n

CME FedWatch suggests that they will cut by a further 0.75% (vs. 0.5% Fed) and 2.0% (vs 1.5% Fed), by the end of 2024 and 2025 respectively. Unsurprisingly, this has seen both the 2-Year US Treasury yield, and the Dollar Index (DXY) fall to 2-year lows, all of which have boosted gold prices. Ongoing geopolitical tensions and economic uncertainty also remain supportive. Gold starts the week trading at $2625\/toz.<\/p>\n\n\n\n

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

Despite elevated prices, gold investment demand has remained robust. The most recent CFTC Commitments of Traders (CoT) report suggests that speculative gold net long futures have returned to the \u2018Covid Shock\u2019 levels of March 2020. Meanwhile, physical gold ETF\/ETC data suggests that continued net inflows over September. Even gold jewellery demand \u2013 previously an area of relative weakness – is showing signs of recovery in the key market of India.<\/p>\n\n\n\n

Looking to the gold chart, the yellow metal is currently the testing the 61.8% Fibonacci extension level at $2630\/toz, but the RSI has now reached overbought levels. Major ascending oblique resistance is present but a sustained move above this level exposes a new breakout target at the 100% Fibonacci extension level of $2698\/toz. Support is seen at the 38.2% and 23.61% Fibonacci Extensions of the 25 July-20 August uptrend at $2588\/toz and $2562\/toz respectively and the ascending 20-day Simple Moving Average, at $2539\/toz.<\/p>\n\n\n\n

Upcoming events for gold investors include speeches from FOMC members Bostic, Goolsbee and Kashkari on 23 September and a Bank of Japan Governor Ueda speech on 24 September.<\/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 managed to recoup Wednesday\u2019s post-Fed wobble to end the week near another all-time high above $2625\/toz.<\/p>\n","protected":false},"author":51,"featured_media":132392,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":true,"footnotes":""},"categories":[215,91],"tags":[],"class_list":["post-132313","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-gold-news","category-market-analysis"],"acf":[],"yoast_head":"\nGold Boosted by Low Rates and High Uncertainty | Kinesis<\/title>\n<meta name=\"description\" content=\"Discover Kinesis' gold news analysis for today, Monday 23rd of September 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=\"tr_TR\" \/>\n<meta property=\"og:type\" content=\"article\" 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