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News Ghana, Latest Updates and Breaking News of Ghana, Roger A. Agana, https://newsghana.com.gh/gold-rallies-after-feds-cautious-rate-cut-decision-eyeing-us2660-resistance/

Gold prices made notable moves last week, driven by the Federal Reserve’s decision to implement a 25-basis-point rate cut, accompanied by a more cautious outlook suggesting only two additional cuts in 2025.

This shift in policy, amid renewed inflation concerns, propelled gold to test resistance around the $2,600 level before finding support and rebounding to $2,620.

This price action unfolds against a backdrop of ongoing inflation concerns and an expansionary fiscal policy, both of which have provided solid support for gold. As the holiday period sets in, with lower trading volumes expected, gold is anticipated to remain within a sideways channel between $2,620 and $2,660.

These levels will be pivotal for short-term price movements. If inflationary pressures intensify or the Fed signals further rate cuts, gold could see additional upside in the near future.

News Ghana, Latest Updates and Breaking News of Ghana, Roger A. Agana, https://newsghana.com.gh/gold-rallies-after-feds-cautious-rate-cut-decision-eyeing-us2660-resistance/