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Home News Gold Surges to Record $2,500 Amid Market Turbulence

Gold Surges to Record $2,500 Amid Market Turbulence

by Barbara

Gold prices soared on Friday, reaching an unprecedented high of $2,500 per ounce, driven by fresh market volatility. The precious metal’s rally came despite mixed economic signals from the U.S., where stronger-than-expected data offset the negative impact of disappointing non-farm payroll figures in July and an overall positive economic outlook.

The diminished fears of an economic recession have also tempered expectations of a significant Federal Reserve rate cut in September, with the anticipated reduction scaling back from 50 basis points to 25 basis points.

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Despite these shifts in economic indicators, traders are adopting a cautious stance, seeking refuge in gold until more definitive market signals emerge.

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Gold is on track for substantial weekly gains of approximately 2.2%, with a weekly close above the previous high of $2,483 expected to bolster bullish sentiment. However, the significance of the $2,500 resistance level and the prolonged period of elevated prices are contributing to increased headwinds, which may result in price consolidation.

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In an optimal scenario, the 10-day moving average at $2,436 is expected to provide support and limit any downturns. However, a break below this moving average could deepen the correction, pushing prices towards the $2,422-$2,400 range, marked by the 20-day moving average and a key psychological level.

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