Gold prices (XAU/USD) rose for the second consecutive day on Wednesday, reaching a three-week high around $2,677-$2,678 due to a downturn in the stock market and geopolitical risks. The flight to safety led to a decline in U.S. Treasury yields, supporting gold.
However, expectations of less aggressive easing from the Federal Reserve and a strengthening U.S. Dollar may limit gold's upward momentum in the near term.
Personal opinion:
Any further price increases are likely to encounter resistance near the $2.685-$2.686 range or the all-time high reached in September. Following that is the round number of $2.700; a decisive breakout above this level would set the stage for a multi-month uptrend amid positive fluctuations on the daily chart.
Pay attention to the price range:
However, expectations of less aggressive easing from the Federal Reserve and a strengthening U.S. Dollar may limit gold's upward momentum in the near term.
Personal opinion:
Any further price increases are likely to encounter resistance near the $2.685-$2.686 range or the all-time high reached in September. Following that is the round number of $2.700; a decisive breakout above this level would set the stage for a multi-month uptrend amid positive fluctuations on the daily chart.
Pay attention to the price range:
Buy Zone: 2647 - 2645
SL: 2640
Buy Zone: 2660 - 2658
SL: 2653
Sell Zone: 2683 - 2685
SL: 2690
Note
Sell Zone: 2683 - 2685
+200PIPS
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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.