Gold prices fell from record highs in the Morning as a rally in the Gold cooled, with market focus remaining on U.S. interest rate cuts and brewing fears of a recession. The yellow metal surged to record highs this week amid growing conviction that the Federal Reserve will begin cutting rates in September. But a mix of profit-taking and a rebound in the dollar pulled gold off its peaks on Thursday. Gold’s record highs came as the minutes of the Fed’s late-July meeting showed policymakers were largely in favor of lower interest rates, amid progress in bringing down inflation. The minutes cemented bets on a September easing, although traders were split over a 25 or 50 basis point reduction, CME Fedwatch showed.
Spot gold fell 0.5% to $2,500.55 an ounce, while gold futures expiring in December fell 0.4% to $2,547.05 an ounce by 00:15 ET (04:15 GMT). Spot gold hit a peak of $2,532.05 an ounce on Tuesday.
CURRENTLY GOLD IS MOVING ON DOWN TREND BUT THERE IS MUCH BUYING PRESSURE.
Expecting correction up to 2501.17
Today’s important levels for trading are 2497.22, 2508.54, 2523.28 and 2534.60
Trading Strategy for today: Buy on Dip
Trade setup:
Pullback Buy around 2501.50 Deeper Buy around 2495.50
Safe swing sell below 2483.50
Safe swing buy above 2517.50
Important Event :
🔴 Unemployment Claims
🔴 Flash Manufacturing PMI
🔴 Flash Services PMI
🟠 Existing Home Sales
🟠 Jackson Hole Symposium