Gold prices continue to rise from $2750
Updated
What do you think about gold today? Let's discuss and strategize for the day!
Gold (XAUUSD) fell significantly yesterday, with prices falling below $2,780 and now hovering around $2,750 — marking its best recovery since mid-October. So, what's driving the metal?
Key drivers:
Gold's uptrend is supported by fundamentals, especially the possibility of the Fed pausing rate hikes if inflation continues to slow. Additionally, geopolitical tensions and a weaker US dollar are boosting gold's appeal as a safe-haven asset.
XAUUSD's new outlook:
If gold holds within its current rising channel and breaks above the key resistance level of $2,790, we could see gold prices reach new highs, heading towards $2,820 or higher.
Short-term levels to watch:
Major support: $2,740 - $2,750
Major resistance: $2,780 - $2,790, with the next target at $2,820 - $2,830
Gold (XAUUSD) fell significantly yesterday, with prices falling below $2,780 and now hovering around $2,750 — marking its best recovery since mid-October. So, what's driving the metal?
Key drivers:
Gold's uptrend is supported by fundamentals, especially the possibility of the Fed pausing rate hikes if inflation continues to slow. Additionally, geopolitical tensions and a weaker US dollar are boosting gold's appeal as a safe-haven asset.
XAUUSD's new outlook:
If gold holds within its current rising channel and breaks above the key resistance level of $2,790, we could see gold prices reach new highs, heading towards $2,820 or higher.
Short-term levels to watch:
Major support: $2,740 - $2,750
Major resistance: $2,780 - $2,790, with the next target at $2,820 - $2,830
Trade active
Gold extends its early recovery, holding above the $2,750 mark after a tepid US Nonfarm Payrolls report. The uncertainties surrounding the US presidential election and the ongoing geopolitical tensions in the Middle East provide some support to the precious metal.
🚀 Join my absolutely free Signals Group:
🎯 High Accuracy Signals: Always Winning Trades!
📈 Real-time Market Updates.
💬 24/7 Support: We are always here to help, whenever you need us.
👉 Join now:
t.me/+eXwQr1JdXaswZDI1
🎯 High Accuracy Signals: Always Winning Trades!
📈 Real-time Market Updates.
💬 24/7 Support: We are always here to help, whenever you need us.
👉 Join now:
t.me/+eXwQr1JdXaswZDI1
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.