GOLD--> Local trend changing? Will it rise to new ATH?
Updated
XAUUSD after a false breakout at 2700, the price has returned to a correction phase, aiming to consolidate its potential for continuing the trend. In the current situation, the fundamental backdrop is shifting in favor of the metal, which active buyers are pursuing...Gold has not reacted significantly to the previous rally of the dollar, despite hawkish signals from the Fed.
The reason for the metal's rise lies in the escalation of tensions following the UK and US allowing Ukraine to use weapons to strike deep into Russian territory. Russia responded with stronger attacks afterward. Fundamentally, these actions make gold a safe haven choice for protecting assets.
This week, due to the Thanksgiving holidays in the US, trading volumes are expected to fluctuate sharply at the beginning of the week.
Technically, it is predicted that the precious metal could update its ATH this year. However, short-term levels ahead need to be monitored closely. Specifically:
Support levels: 2685, 2675, 2650
Resistance levels: 2711, 2733, 2750
Nonetheless, the upcoming resistance levels must be observed, as they are likely to trigger the next move for the metal. The adjustment toward the nearest liquidity zones is expected, but we are not talking about a reversal. The correction could end quickly, and the price is likely to return to an upward phase. The medium-term target is 2731-2750.
Trade closed: stop reached
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