Gold hits fresh all-time high on board-based US dollar selling. It hits a high of $2670 and is currently trading around $2668.
The yellow metal was one of the best performer this month as the major central banks started to ease their policy rates. ECB - 25 bpbs, SNB- 25 bpbs, Fed- 50 bpbs.
According to the CME Fed watch tool, the probability of a 50 bpbs rate cut in Nov increased to 60% from 38.80% a week ago.
Technical:
The near–term support is around $2650, a break below targets $2624/$2610/$2600/$2570/$2560/$2545/$2520/$2470. Major bearish continuation only below $2470.The yellow metal faces minor resistance around $2670 and a breach above will take it to the next level of $2689/$2700.
Indicator (4- hour chart)
CCI (14)- Bullish
CCI (50)- Bullish
Average directional movement Index - Bullish
It is good to buy on dips around $2634-35 with SL around $2615 for TP of $2700.
