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Home News Gold Surges to $2,288 Record High Amidst Market Rally

Gold Surges to $2,288 Record High Amidst Market Rally

by Barbara

Gold Reaches New Record High of $2,288, Trend Traders Eyeing Long Positions

In the latest surge, spot Gold has achieved yet another milestone, hitting a record high of $2,288. This ascent comes amidst a broader trend of bullish sentiment, with risk assets enjoying substantial rallies in recent days. Notably, Silver has also joined the upward trajectory, now trading at its highest level in two years.

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US Federal Reserve Member Daly has indicated a dovish stance, foreseeing three rate cuts in 2024. Such sentiments align with prevailing market expectations, further bolstering the optimism surrounding Gold and risk assets alike.

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Meanwhile, the Japanese Yen remains weak, maintaining the USD/JPY currency pair near its recent peak, just below ¥152. Although Japanese financial authorities may contemplate intervention if ¥152 is revisited, analysts anticipate limited downward movement in the interim. This situation presents potential trading opportunities within that range, with trend traders showing continued interest in long positions on the USD/JPY and shorting the Japanese Yen overall. Speculation surrounds the potential impact of intervention by the Bank of Japan, with projections suggesting a temporary decline to approximately ¥147 / ¥147.50.

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In the realm of commodities, Crude Oil exhibits bullish behavior, with both WTI and Brent reaching new highs for the past five months.

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Despite Cocoa’s long-term bullish outlook, recent short-term price action hints at a possible bearish retracement. While the superfood has experienced a nearly threefold increase in value over the past year, analysts attribute this meteoric rise in part to supply shortages. The growing demand for Cocoa, both as a key ingredient in chocolate and as a recognized superfood, continues to fuel its market dynamics. Trend traders eye opportunities on the long side, though caution is advised due to heightened volatility and the potential for sharp reversals. Retail traders and investors may find Cocoa ETNs more suitable for navigating these fluctuations.

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Recent economic releases indicate mixed outcomes, with German Preliminary CPI slightly below expectations at a 0.4% month-on-month increase, compared to the anticipated 0.5%. Conversely, US JOLTS Job Openings data met expectations.

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Looking ahead, markets anticipate the release of the ADP Non-Farm Employment Claims Forecast and US ISM Services PMI today. Additionally, Federal Reserve Chair Jerome Powell is scheduled to deliver a speech later in the day.

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