Gold bulls are rising, and the intraday super 2460 has reached a new record high

foreign exchange trading platform- Gold rallied on Tuesday morning in the United States, posting a new high at $2460.92 an ounce, up 1.60%. Bulls are gaining momentum, pushing gold to a new all-time high. Technical buying and the idea of an imminent U.S. interest rate cut are currently fueling precious metals bulls.

Today's headline on Dow Jones Newswires read: "Banks bet on two U.S. rate cuts, gold futures rise." According to the Wall Street Journal, Federal Reserve Chairperson Jerome Powell spoke in Washington on Monday, hinting at "an imminent rate cut."

Traders and investors are waiting for Tuesday's U.S. data point, the June retail sales report, which is expected to be 0.4% lower than the May report, which showed a 0.1% increase.

Asian and European stock indexes were mixed overnight. US indexes opened mixed after New York opened. The S & P 500 Index and Nasdaq are not far from their all-time highs. Today's headline in Barron's: "Interest rate cut optimism is boosting markets."

China will hold a four-day meeting this week to discuss long-term economic reforms. The plenary session is held every five years.

Today's major external markets saw the dollar index strengthen slightly. Nymex crude oil was lower, trading around $80.25 a barrel. The benchmark 10-year Treasury yield is currently at 4.191%.

Other U.S. economic reports released Tuesday include the weekly Johnson Red Book retail sales report, import and export prices, the NAHB Housing Market Index, and manufacturing and trade inventories.

                                                                                        (30-Minute chart of spot gold)

From a technical standpoint, the August gold bulls have a solid overall short-term technical advantage. The bulls' next upside price target is to close above the May contract high of $2,477. The bears' next near-term downside target is to push futures prices below the technical support level of $2,350.00. The first resistance is at $2,450, then $2,477. The first support is at today's low of $2424.50, then this week's low of $2406.10.