✅ Technical Analysis
Price is moving within an ascending channel, reaching around $2,985.
Key Resistance: $3,035 (channel top).
Major Support: $2,956 – $2,927.
RSI = 70.13 → Overbought zone → Potential short-term correction.
✅ Fundamental and Economic Analysis
Federal Reserve Policy Decisions
If the Fed eases its monetary tightening, the U.S. dollar will weaken, supporting gold prices.
If interest rates remain high, gold may face downward pressure.
Geopolitical Tensions
Rising tensions in the Middle East and Ukraine have increased demand for gold as a safe-haven asset.
Historically, gold tends to appreciate during times of political instability.
U.S. Dollar Index (DXY) and Bond Yields
A decline in the U.S. Dollar Index (DXY) and a drop in 10-year U.S. bond yields have supported gold's uptrend.
If the dollar strengthens, gold may experience a correction.
Central Bank Demand for Physical Gold
Central banks, especially China and Russia, continue to increase their gold reserves, reinforcing the bullish trend.
✅ Outlook and Trading Strategy
Bullish Scenario: If gold holds above $2,985, it could extend gains toward $3,035 and even $3,100.
Bearish Scenario: If gold fails to break above $3,000, a pullback toward $2,956 – $2,927 is likely.
📌 Conclusion: The overall trend remains bullish, but given the overbought RSI and proximity to the $3,035 resistance, a short-term correction is possible. Fed decisions and geopolitical tensions will be the key drivers of gold’s next move.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.