24K99 News: On Monday (September 23rd),during the Asian market session,spot gold prices suddenly surged rapidly,with the gold price just touching a new all-time high of $2,630.45 per ounce.

FXStreet analyst Christian Borjon Valencia noted that driven by expectations of further interest rate cuts by the Federal Reserve,gold prices have skyrocketed above the historical high of $2,600 per ounce.

Due to the escalating tensions between Israel and Hezbollah,the demand for safe-haven assets has surged.

Gold has continued its strong upward momentum since last Friday.

Spot gold closed last week with a surge of $42.23,a 1.64% increase,at $2,620.91 per ounce.

Highly influential Federal Reserve Governor Christopher Waller said on September 20th local time that he supports a 50 basis point rate cut at last week's meeting,as inflation has fallen faster than he expected.

If the job market worsens,he might consider another 50 basis point rate cut.

Waller said,"If the data starts to weaken and continues to weaken,I would be more willing to actively cut interest rates to bring inflation closer to our target.

If the job market worsens,I might consider another 50 basis point rate cut."

After Waller's speech,futures market prices changed.

According to the "FedWatch" tool by CME Group,traders now estimate a 51% chance of another 50 basis point rate cut at the meeting on November 6th to 7th,while the probability of a 25 basis point cut is 49.0%.

In terms of the Middle East situation,the exchange of fire between the Israeli military and Hezbollah escalated again on September 22nd.

According to a statement by the Israeli military,from the night of the 21st to the morning of the 22nd,Hezbollah fired approximately 150 rockets,missiles,and drones at northern Israel and the occupied Golan Heights,causing multiple injuries,destruction of some houses,roads,and vehicles,and igniting fires in multiple locations.

The Israeli military then carried out airstrikes on southern Lebanon and more than 400 Hezbollah targets north of the Litani River,destroying thousands of rocket launchers.

Hezbollah's deputy leader Naim Qassem said on September 22nd that Hezbollah has entered a new phase of fighting with Israel,which is an "open-ended war of settlement."

How to trade gold?

FXStreet analyst Christian Borjon Valencia noted that gold prices continue to rise and set new historical highs.

Momentum favors buyers.

The Relative Strength Index (RSI) is rising within the bullish area but is not in the overbought territory.

Therefore,the path of least resistance for gold prices is upward.

Valencia said that the first resistance level for gold prices will be $2,650 per ounce,followed by the psychological level of $2,700 per ounce.

However,Valencia warned that although all signs point to the upside,the rebound in gold prices seems overdone,which opens the door for a correction before aiming for new historical highs.

Valencia said that if gold experiences a correction,the first support level will be the $2,600 per ounce threshold,followed by the swing low of $2,546 per ounce on September 18th.

If it falls below the latter,gold prices will target the high of $2,531 per ounce on August 20th,and then look towards the low of $2,485 per ounce on September 6th.

At 11:28 Beijing time,spot gold was quoted at $2,630.32 per ounce.