Asia & European Sessions:
- Gold surged to a record high, reaching $2,631.13, as traders anticipated more rate cuts by the Fed following its recent 50 bps reduction. Bullion’s momentum was further supported by concerns over rising tensions in the Middle East, with investors turning to gold as a safe-haven asset. Despite this rally, gold may be overbought, with its RSI nearing 70, a signal of possible short-term overextension.
- Meanwhile, silver, palladium, and platinum posted losses.
- USOIL rose to $71.59 per barrel, while UKOIL gained 52 cents, reaching $75.01 per barrel. Currently they have both seen a pullback slightly into EU open.
- Yen slid from last week’s high of around 140 per US dollar to 144.36 yen by today.
- The USDIndex steadied to 100.50 area.
- The Euro inched higher to 1.1164 but currently is steady after Germany’s Social Democrats narrowly defeated the far-right Alternative for Germany party, maintaining control of the eastern state of Brandenburg. Meanwhile, French Prime Minister Michel Barnier signaled potential tax increases on large corporations and the wealthy to address the country’s growing budget deficit.
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Andria Pichidi
Market Analyst
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