Gold is in a strong uptrend
On the chart, gold is currently trading above both the 34 AND 89 EMAs, reinforcing the short-term uptrend. However, I see that gold has not broken out of 2,720. If it breaks out of here, the uptrend will be confirmed.
In addition, gold prices are currently fluctuating in the context of the Bank of Canada cutting interest rates. The European Central Bank (ECB) and the Swiss National Bank (SNB) will further cut interest rates later this week. From there, the market expects a third interest rate cut by the US Federal Reserve (FED) next week.
Another development is that investors have increased their purchasing power after China resumed buying gold. Especially when this country announced that it will apply a suitable monetary easing policy in 2025.
Therefore, gold is still considered a safe investment channel and tends to increase in an environment of increasingly decreasing interest rates.
In addition, gold prices are currently fluctuating in the context of the Bank of Canada cutting interest rates. The European Central Bank (ECB) and the Swiss National Bank (SNB) will further cut interest rates later this week. From there, the market expects a third interest rate cut by the US Federal Reserve (FED) next week.
Another development is that investors have increased their purchasing power after China resumed buying gold. Especially when this country announced that it will apply a suitable monetary easing policy in 2025.
Therefore, gold is still considered a safe investment channel and tends to increase in an environment of increasingly decreasing interest rates.
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