Gold prices were unstoppable after breaking through the resistance zone in the Bollinger band range, thus forming a new all-time high at $2509.
Geopolitical risks and China's recovery could be the reason for the soaring gold prices in addition to waning fears of a US recession after better-than-expected US data.
According to the CME FedWatch tool, 75.5% expect the Fed's interest rate to fall by 25 bps, and 24.5% expect a 50 bps rate cut in September.
US economic data released last week has reduced fears of a recession. Higher-than-expected retail sales and lower jobless claims faded recession fears.
This week several important news will be released in the economic calendar schedule which may be of concern to the market, FOMC meeting minutes, and some other important economic data on August 22.
View attachment 7280
Geopolitical risks and China's recovery could be the reason for the soaring gold prices in addition to waning fears of a US recession after better-than-expected US data.
According to the CME FedWatch tool, 75.5% expect the Fed's interest rate to fall by 25 bps, and 24.5% expect a 50 bps rate cut in September.
US economic data released last week has reduced fears of a recession. Higher-than-expected retail sales and lower jobless claims faded recession fears.
This week several important news will be released in the economic calendar schedule which may be of concern to the market, FOMC meeting minutes, and some other important economic data on August 22.
View attachment 7280
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