GCAP GOLD says gold touches $4,600, highest in more than two months
CommodityDigital FinanceGeopolitics
GCAP GOLD said gold prices climbed to $4,600, the highest level since early June, as the US dollar weakened near its lowest in more than three months. The market has scaled back expectations that the Federal Reserve will accelerate interest rate hikes after the latest inflation data signalled easing price pressures. FedWatch still reflects about a 68% chance that the Fed will raise rates at least once by the end of the year. Meanwhile, tensions between the United States and Iran and the Strait of Hormuz remain supportive factors for gold demand as a safe-haven asset. On the technical side, prices remain above $4,529, which is the 61.8% Fibonacci level, and MACD is still in positive territory. However, RSI at 67.7 is approaching overbought territory, so short-term profit-taking pressure needs to be watched. If prices can hold above $4,529 to $4,514, there is a chance to test the next resistance levels at $4,600 and $4,687. But if prices fall below $4,500, they may enter a short-term consolidation phase.
