Gold Price Analysis
Updated
Gold prices today continue their strong upward momentum, with bullish signals showing no sign of slowing down. The metal is currently hovering around $2,728, marking an increase of over 70 pips since the start of the trading session.
The primary reasons driving this sharp rise in gold prices stem from global gold surpassing the $2,700 per ounce mark last weekend. This surge has been fueled by escalating tensions in the Middle East, the upcoming U.S. presidential election, and expectations of further monetary policy easing. These factors have ignited the gold market, with many expecting prices to climb even higher in the near future.
Forecast-wise: A recent Kitco News survey reveals a widespread sense of optimism about gold's upward prospects. The majority of experts (94%) predict further price increases, while only one analyst (6%) sees no significant changes.
Similarly, a large portion of retail traders (72%) also believe that gold will continue to rise, compared to a smaller group (17%) expecting a price decline.
On the technical analysis side: This uptrend follows the principles of Dow Theory, and from a Fibonacci perspective, the rally is targeting the first take-profit level at 1.618, which aligns with the $2,925 region.
What do you think? Where do you see gold heading in the coming days?
The primary reasons driving this sharp rise in gold prices stem from global gold surpassing the $2,700 per ounce mark last weekend. This surge has been fueled by escalating tensions in the Middle East, the upcoming U.S. presidential election, and expectations of further monetary policy easing. These factors have ignited the gold market, with many expecting prices to climb even higher in the near future.
Forecast-wise: A recent Kitco News survey reveals a widespread sense of optimism about gold's upward prospects. The majority of experts (94%) predict further price increases, while only one analyst (6%) sees no significant changes.
Similarly, a large portion of retail traders (72%) also believe that gold will continue to rise, compared to a smaller group (17%) expecting a price decline.
On the technical analysis side: This uptrend follows the principles of Dow Theory, and from a Fibonacci perspective, the rally is targeting the first take-profit level at 1.618, which aligns with the $2,925 region.
What do you think? Where do you see gold heading in the coming days?
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