💨 Abstract

Gold hit a record high on Wednesday, driven by a weaker USD and expectations of further interest rate cuts. The Fed's rate cut last week prompted China to announce rate cuts, increasing liquidity and potential demand for gold from Chinese investors. The short-term bullish trend remains, with resistance at $2,690 and $2,710 levels. Meanwhile, Fed Governor Michelle Bowman expressed concern over inflation.

Courtesy: theprint.in

Summarized by Einstein Beta 🤖