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Gold keeps rallying, climbing higher

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During the European session on Tuesday, the spot gold market saw significant gains. The price of gold began to rise linearly from around US$2,344/oz, reaching a maximum of US$2,356.81/oz, setting a record high.
Gold prices have risen more than 17% since mid-February, a rise that occurred without any apparent trigger, causing confusion among some market watchers. Especially given that trader expectations for three quarter-point rate cuts are rapidly fading, with markets now preferring just two cuts.
Gold prices are currently gradually regaining their upward momentum and trying to return to the main upward channel. The fluctuation of gold prices within the rising channel provides support for expectations of further rises in gold prices in the short to medium term. We expect gold prices to challenge the next target level, which is $2,364.00 per ounce.

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