GOLD: Next trend!
Updated
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M30 chart: The XAU/USD pair is currently hovering around the $2,025 mark and appears to be continuing its upward trend without any signs of slowing down. The technical indicators on the daily chart are also showing positive signs, with recoveries occurring within positive levels, although they have not yet reached overbought levels. In addition, the 20 Simple Moving Average (SMA) is moving higher, which indicates strong buying interest. This SMA is lower than the current level, but it is still above other bullish longer moving averages.
D chart: Historical data suggests that January and August are typically strong months for gold, while March has been the weakest month in the past 25 years. The recent increase in gold prices can be attributed to a decline in USD and yields after a significant re-pricing on Fed rates. However, the future performance of gold is likely to be influenced by US rates. If the Fed decides to increase rates aggressively, particularly if they reach 6%, it could further impact the value of gold. Additionally, the seasonal weakness of gold during March could exacerbate this trend.
Short-term bullish prediction for gold!
M30 chart: The XAU/USD pair is currently hovering around the $2,025 mark and appears to be continuing its upward trend without any signs of slowing down. The technical indicators on the daily chart are also showing positive signs, with recoveries occurring within positive levels, although they have not yet reached overbought levels. In addition, the 20 Simple Moving Average (SMA) is moving higher, which indicates strong buying interest. This SMA is lower than the current level, but it is still above other bullish longer moving averages.
D chart: Historical data suggests that January and August are typically strong months for gold, while March has been the weakest month in the past 25 years. The recent increase in gold prices can be attributed to a decline in USD and yields after a significant re-pricing on Fed rates. However, the future performance of gold is likely to be influenced by US rates. If the Fed decides to increase rates aggressively, particularly if they reach 6%, it could further impact the value of gold. Additionally, the seasonal weakness of gold during March could exacerbate this trend.
Short-term bullish prediction for gold!
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