XAUUSD 1D Bullish Trend with All-Time High
XAUUSD 📶Technical Analysis
Weekly (1W) Chart:
🟢 From 2020 to 2023, the price of gold tested the $2000 level several times before breaking through the $2000 resistance towards the end of 2023, leading to a strong bullish trend.
🟢 This breakout fueled a new all-time high of $2790 as the bullish momentum continued into early 2024.
Daily (1D) Chart:
🟢 In 2024, gold prices have surged by approximately +30%, continuing the strong uptrend.
🟡The price is now approaching the previous all-time high and is poised to test this significant level. If the price breaks above this resistance, there is potential for further upside movement.
4-Hour (4H) Chart:
🟢 Since October 2023, the trend has been clearly bullish, with a consistent rise.
🟡 The price is now nearing the all-time high, and a breakout above this level could see the price continue to rise, possibly with momentum-driven gains.
🆕Fundamental Analysis:
🟢 Global Insecurity & War Escalation: Gold has historically been a safe-haven asset, with its price driven by global uncertainty and geopolitical tensions, such as escalating wars or conflicts.
🟢 De-dollarization: As central banks around the world move towards gold reserves in response to concerns about the US dollar’s strength, gold is benefiting from this trend.
🟢 Post-COVID Economic Situation: Following the pandemic, the world experienced high inflation and central banks responded with interest rate hikes. These measures have slowed economic growth and increased the risk of a recession, further boosting demand for gold as a store of value.
🔤 Conclusion:
🟢 XAUUSD remains in a strong bullish trend, with the price pushing towards its all-time high at $2790. A breakout above this level could lead to further price increases.
🟢 The fundamental drivers behind gold’s price growth include global geopolitical tensions, de-dollarization, and economic instability.
🟡 Traders should watch for a breakout above the all-time high to confirm continued bullish momentum, while also being mindful of the fundamental factors that could continue to push gold prices higher.
🟠 If the resistance at the previous all-time high holds and the price reverses strongly from this level, it could signal a market correction or the start of price action in a range-bound environment. This potential reversal can be confirmed by a trend breakout that would signal further direction.
Note
🆕Fundamental Analysis:
🟢 Gold Price Movement: Gold (XAU/USD) is climbing back toward the top of its weekly range, above $2,765, thanks to falling US Treasury bond yields and concerns about potential economic fallout from President Trump’s tariff plans.
🟢 US Fed Impact: The Fed's decision to keep rates steady and their caution about cutting rates too soon supports gold, as the possibility of further rate cuts boosts the appeal of non-yielding assets like gold.
🟢 US Dollar and Bond Yields: The US Dollar remains capped due to lower US bond yields, providing further support for gold.
🟢 Trade War Concerns: Fears over trade wars and protectionist policies from Trump help drive demand for gold as a safe-haven asset.
🟡 ECB and Economic Data: The upcoming European Central Bank (ECB) meeting and the US GDP report are expected to influence market volatility and could impact gold prices.
Trade active
📶Technical Analysis
1H Chart:
🟢 Bullish Trend: Gold has been in a bullish trend since the end of December 2024, following a test of the all-time high.
🔴 Strong Correction: After hitting the all-time high, the price experienced a significant correction, moving back toward the trendline.
🟢 Recent Price Action: Yesterday, the price tested the trendline again and formed a higher low, signaling continued bullish momentum.
🟢 Fed Impact: After the Fed meeting, a bullish candle with a long lower shadow was formed, which is seen as a reversal signal, confirming further upside potential.
✅ Buy Position
- Open: 2760.0
- SL: 2739.0
- SL: 2%
- TP: 2781.0
- TP: 2.1%
Trade closed: target reached
Gold reaches new all-time high
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.
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.