đź’ˇ XAUUSD: Strong upward momentum
Updated
Gold prices increased sharply in the past session, forming a marubozu candle on the daily frame, showing that buying pressure is very strong. This move reinforced the previous triangle pattern breakout signal, suggesting the possibility of the price returning to an uptrend. Please pay attention to the current resistance level of 2350-2360. If it is broken, the price could extend its upward momentum and move towards the ATH level, then you can consider new buying positions.
Note
Despite being trapped by high US interest rates, experts are still optimistic about the gold market. Geopolitical tensions in the world have not ended and central banks of countries are constantly buying additional gold.
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.