Spot Gold Breaks Record, Hits $2600.14/Ounce

This morning, the gold price surged like it was on a rocket, heading straight for the target price of 2600.00 that everyone has been eagerly anticipating.

This momentum is just delightful to watch!

Let's talk about why the gold price is so hot and where it's headed next, so you can also enjoy the ride and pick up some financial knowledge along the way.

Did you know?

At the opening bell, the gold price was as lively as a dragon and a tiger, breaking through our psychological barrier and standing tall at 2600.00.

This is no small feat; it's the result of the many eyes watching and the many hearts hoping.

Experts have said that this bullish trend is like a golden autumn rice field, and it's still on the rise.

Guess what?

The main bullish resistance line is waiting for gold to touch it, at the position of 2634.50.

Let's wait and see if gold can surprise us again.

Speaking of the confidence behind the gold price rise, we have to mention the EMA50 (Exponential Moving Average), which is like a guardian angel for gold, escorting it safely and steadily on its bullish wave.

However, we must also keep an eye out; if the gold price accidentally falls below the support level of 2550.00, the bullish train might have to take a temporary break.

But don't worry, according to experts, this is just a minor interlude, and the price will continue to rise afterward.

Speaking of the gold price trend, we must mention Mr. George Milling-Stanley, the Chief Gold Strategist at State Street Global Advisors.

He's a "sly fox" in the gold market, with a very accurate judgment of gold prices.

He said that the current trend in gold prices is a perfect response to the latest monetary policy decisions of the Federal Reserve.

You see, any movement from the Fed, and the gold market has to move too; the logic behind this is profound!

Mr. Milling-Stanley also said that the Fed's interest rate cut cycle seems to be continuing for a while.

With this cut, the dollar will weaken, and gold will naturally strengthen.

His words sound reasonable.

When the dollar weakens, those big players holding dollars will have to find a safe place to put their money, right?

Gold is the best choice!

Speaking of the future of gold prices, Mr. Milling-Stanley is full of confidence.

He said that as long as our current interest rate trajectory remains unchanged, gold prices rising to $2700 per ounce next year is not a big deal.

However, he also said that in the next few months, the gold price may stabilize a bit, after all, it has risen so much, it needs to let people catch their breath, right?

But in the long run, the golden road of gold is still long ahead!

Of course, we also have to listen to the other side of the experts' words.

Mr. Milling-Stanley said that his view on gold in the short term is still relatively neutral.

Why?

Because the Fed's guidance and Powell's words are there, and gold is now hovering around its fair value.

But don't underestimate this "neutrality"; it's the result of the experts' deep thinking, indicating that gold is neither overvalued nor undervalued, which is a good time for us to act!

So, old friends, the gold market, like our lives, has ups and downs, but overall, it's still moving up.

We should follow the footsteps of the experts, learn more, and maybe one day we can also strike it rich in the gold market!

Of course, remember that investment carries risks, and entering the market should be done with caution.