Hello dear friends!
Today marks the beginning of the first trading session of 2024, and gold continues to show strong performance as it steadily increases by nearly $13 throughout the day.
Accordingly, the moderate expectations of the Fed and ongoing geopolitical risks continue to support XAU/USD. Based on observations from the chart, the resistance level of the upward trend line is currently at $2,088. This will be a challenging factor for the price of Gold to break through in its new upward trend.
A close above the aforementioned level on the daily candle basis will challenge the $2,100 barrier. The next target for Gold buyers is imagined to be the all-time high of $2,144 if the upward trend is sustained.
What do you think? Do you believe that gold will increase or decrease in the coming period?