XAUUSD | Market outlook
Updated
Gold Reserve Diversification: At the LBMA conference, central bank representatives shared that gold purchases are driven by financial and strategic goals.
US Election Impact:
Price Trends:
Medium-term trend:
US Election Impact:
- Uncertainty over the upcoming presidential elections, with Trump and Harris closely tied in polls, is prompting banks to hedge risks.
- Geopolitical Risks: Tensions in the Middle East are also boosting gold, with Israel expressing readiness to target Iran's military infrastructure.
Price Trends:
- Long-term trend: Upward, aiming to break the historical high of 2685.00. Potential targets: 2750.00 and 2810.00 if consolidation succeeds.
- Support and Correction: If the price drops to 2602.00, long positions toward 2685.00 are favourable. A breakout below 2602.00 could trigger a correction targeting 2546.00 and 2471.00.
Medium-term trend:
- Correction: Last week’s correction did not reach key support at 2575.61–2564.61. If a reversal occurs, the price could rise to 2685.61 and potentially 2712.70–2701.70.
- Correction Scenario: If another correction develops, the price may revisit 2575.61–2564.61, followed by growth toward 2625.00 and 2685.00.
Trade closed: target reached
Gold have reached our target, trade closed. 
Related publications
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.