XAU sets many new records
The world gold price is currently at $2,563/ounce, up $46 compared to early yesterday morning. The main driving force comes from the ECB's monetary policy easing move. Specifically, the ECB has lowered the base interest rate by 25 bps to 3.5%, while reducing the refinancing rate and marginal lending rate to 3.65% and 3.9%, respectively. In addition, the gold price is also driven by expectations that the Fed will aggressively cut interest rates, after US economic indicators showed signs of slowing down.
Note
BUY XAU 2569
TP1: 2576
TP2: 2583
SL: 2562
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.