Gold Shines as Dollar Dips: A New All-Time High in Sight
Updated
Hey Realistic Traders, let’s dive into the analysis of 
XAUUSD .
In the daily timeframe, gold has formed a symmetrical triangle followed by a breakout above the upper trendline. Recently, the price retested this trendline and continued to move upward. Analyzing the trend, gold remains above the EMA34 line, indicating a bullish trend. Additionally, the MACD has made a bullish crossover, signaling upward momentum. With these technical indicators aligning, we are looking at a potential continuation of this upward movement toward Target Area 1 at 2,625 or even Target Area 2 at 2,739. However, bears might find some hope if the price manages to break below the support level at 2,426.
The bullish trend is also supported by fundamental factors, as Federal Reserve Chairman Jerome Powell recently confirmed that interest rate cuts are likely in the near future. This has weakened the dollar compared to other currencies and commodities, further boosting the appeal of gold.
Disclaimer: "Please note that this analysis is solely for educational purposes and should not be considered a recommendation to take a long or short position on Gold. "
Please support the channel by engaging with the content, using the rocket button, and sharing your opinions in the comments below.
XAUUSD .In the daily timeframe, gold has formed a symmetrical triangle followed by a breakout above the upper trendline. Recently, the price retested this trendline and continued to move upward. Analyzing the trend, gold remains above the EMA34 line, indicating a bullish trend. Additionally, the MACD has made a bullish crossover, signaling upward momentum. With these technical indicators aligning, we are looking at a potential continuation of this upward movement toward Target Area 1 at 2,625 or even Target Area 2 at 2,739. However, bears might find some hope if the price manages to break below the support level at 2,426.
The bullish trend is also supported by fundamental factors, as Federal Reserve Chairman Jerome Powell recently confirmed that interest rate cuts are likely in the near future. This has weakened the dollar compared to other currencies and commodities, further boosting the appeal of gold.
Disclaimer: "Please note that this analysis is solely for educational purposes and should not be considered a recommendation to take a long or short position on Gold. "
Please support the channel by engaging with the content, using the rocket button, and sharing your opinions in the comments below.
Trade active
If we analyze the USD, we can spot a breakout of the bullish trendline. This breakout was followed by a retest of the historical support structure, which indicates a potential downward movement for the USD. Alternatively, this could also signal a more bullish outlook for gold.
Note
Potentially Forming Double Symmetrical Triangle, Continuation of the bullish bias?
Note
Breakout of the symmetrical triangle I potentially goes up even more to achieve the designated target 1
Note
Symmetrical Triangle Breakout happened in the H4 Timeframe. It is getting clearer that gold will hit our first target.
Trade closed: target reached
The price finally reached the first target
We still believe gold can reach the second target. The conviction came from the Fed Dovish stance.
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