With many publicly listed companies providing weaker forward guidance and questions of whether the Fed’s rate cut will be able to do anything, gold prices are riding high. The precious metal is up over 1.50% on the day as equities take a tumble and risk aversion remains high.
XAU/USD Next Target: Feb 24th Highs
After consolidating within the 1655 and 1631 levels, gold prices broke out to the upside. The breakout above 1655 will now see the precious metal challenging February 24th highs of 1682. This is possible if the current momentum remains in play. To the downside, the price level of 1655 could support the price declines in the short term.
