Gold reached a record high of $2,570.40 on August 20, 2024, driven by strong Chinese demand and bullish technical charts. Prices settled slightly lower at $2,546.70.
Key Drivers:
China Demand: Increased buying due to economic uncertainty and anticipation of U.S. dollar weakness.
Technical Advantage: Strong technical momentum with key resistance at $2,600 and support at $2,450.
Upcoming Risks: The Jackson Hole Federal Reserve symposium may influence future price movements, particularly regarding U.S. interest rates.
Outlook: Gold's bullish trend is likely to continue, supported by Chinese demand and potential developments from the Federal Reserve.
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