Ignore U.S. dollar volatility and focus on gold in euro terms as prices test April highs - MKS’ Nicky Shiels
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Gold is consolidating around record highs above $2,500 an ounce; Nicky Shiels, Head of Research and Metals Strategy at MKS PAMP, emphasizes focusing on gold in euro terms (XAUEUR) as it trades near record highs; XAUEUR is at €2,259.60 an ounce, with critical resistance around €2270-2280; Shiels notes six failed attempts to break above €2270-2280 since April; gold is building a solid base around €2,200; market sentiment is bullish as the Federal Reserve prepares for easing; expectations for a 25-basis-point cut and a potential 50-basis-point cut are influencing gold prices; European Central Bank expected to cut rates in September.

#Gold #Euro #NickyShiels #MksPamp #FederalReserve #Ecb #MarketAnalysis #Commodities #PreciousMetals #Investment

https://www.kitco.com/news/article/2024-09-02/ignore-us-dollar-volatility-and-focus-gold-euro-terms-prices-test-april