Gold prices rose in the morning, trading not too far away from a record high scaled in the previous session, as rising anticipation of a U.S. interest rate cut in September boosted demand. Decreasing rates and U.S. elections are two immediate factors likely to push gold beyond $2,500, as gold tends to benefit from economic and geopolitical uncertainty.
Spot gold rose 0.1% to $2,461.27 per ounce, as of 0218 GMT. Prices hit an all-time high of $2,483.60 on Wednesday. U.S. gold futures added 0.2% to $2,465.00.
OVERALL TREND IS UP BUT CURRENTLY GOLD IS MOVING ON DOWN TREND.
Expecting correction up to 2473.00
Today’s important levels for trading are 2477.65, 2464.51, 2445.45 and 2432.31
Trading Strategy for today: Sell On Rise
Trade setup:
Pullback Sell around 2471.50, Higher Sell around 2478.50
Safe swing sell below 2453.50
Safe swing buy above 2483.50
Important Event :
🔴 Unemployment Claims
🟠Philly Fed Manufacturing Index