Last night, Gold witnessed a sharp correction down to the 416x level but then strongly rebounded back to the 422x$/ounce zone this morning.
The reason for the decline came from investors shifting capital from Gold to Crypto to “catch the dip,” which caused strong short-term selling pressure on Gold.
However, the main spotlight was last night’s cabinet meeting, where Donald Trump introduced K. Hasset — his senior economic advisor — and stated that this is a highly potential “NEW FED CHAIR.”
Right after this statement, the rate-cut expectations immediately surged to 89.2%, and Gold quickly returned to the 42xx$/ounce zone during the night.
Therefore, in the short term, Gold prices may move back to the 43xx range, and if the FED actually cuts interest rates in December, Gold may even break out and create a new ATH by the end of 2025.
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