XAUUSD: Exiting the uptrend channel !
Updated
Latest gold price forecast today October 24, 2024:
Gold information:
World gold prices fell sharply today due to pressure from the increase in the USD and US Treasury bond yields. Specifically, the US Dollar Index increased by 0.3% to nearly a 3-month high, which put pressure on gold prices. US bond yields also increased to a 3-month high, increasing the opportunity cost of holding gold.
Although gold prices have decreased, experts are still optimistic because the uncertainties related to the US election along with the increasing debt burden in this country are also making investors worried and looking to gold as a safe haven for cash flow.
Conclusion:
This has caused gold to continuously conquer records and has increased by more than 31% this year. With this momentum, gold is one of the best investment channels in 2024.
Ben's personal comment:
On most timeframes, gold price is still well supported, creating a good recovery momentum from the support level of 2408 and now 2723 dollars. The recovery is likely to continue in the coming time with targets of 2733 - 2739 respectively, before any further correction in the main trend.
Gold setup:
Buy entry: 2721 - 2717
SL: 2713
TP: 2733 - 2739
Sell entry: 2733 - 2735 - 2737 - 2739
SL: 2743
TP: 2714 - 2708
Gold information:
World gold prices fell sharply today due to pressure from the increase in the USD and US Treasury bond yields. Specifically, the US Dollar Index increased by 0.3% to nearly a 3-month high, which put pressure on gold prices. US bond yields also increased to a 3-month high, increasing the opportunity cost of holding gold.
Although gold prices have decreased, experts are still optimistic because the uncertainties related to the US election along with the increasing debt burden in this country are also making investors worried and looking to gold as a safe haven for cash flow.
Conclusion:
This has caused gold to continuously conquer records and has increased by more than 31% this year. With this momentum, gold is one of the best investment channels in 2024.
Ben's personal comment:
On most timeframes, gold price is still well supported, creating a good recovery momentum from the support level of 2408 and now 2723 dollars. The recovery is likely to continue in the coming time with targets of 2733 - 2739 respectively, before any further correction in the main trend.
Gold setup:
Buy entry: 2721 - 2717
SL: 2713
TP: 2733 - 2739
Sell entry: 2733 - 2735 - 2737 - 2739
SL: 2743
TP: 2714 - 2708
Trade active
Gold price (Xau/USD) continues to increase stability during the day and increase to $ 2,736-2,737 when entering the European trading session, partly reversing the decline of the previous day from a record high.
- As expected this morning
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.