Hello fellow traders, I'm delighted to discuss today's gold market with everyone!
Yesterday, gold continued its record-breaking upward trend, with the precious metal rising after the Federal Reserve (FED) announced the Federal Open Market Committee (FOMC) policy statement without any major surprises. Currently, gold remains on an upward trajectory, moving around $3,050 USD in the early morning hours.
Concerns about Trump's aggressive trade policies and their impact on the global economy, coupled with escalating geopolitical tensions and the Fed's dovish outlook, continue to drive the historic price surge of safe-haven gold bullion.
According to technical analysis on the 1D chart, gold's upward momentum shows no signs of stopping as buyers continue to probe for new highs. Using Fibonacci measurement tools, gold has successfully broken through the old resistance and transformed it into a crucial support level, specifically the price zone (0.618 and 0.5), and continues climbing higher. This metal has been moving according to DOW theory. It is expected to soon reach the target of $3,200 USD, which corresponds to the 1.618 level of the extended Fibonacci.
Yesterday, gold continued its record-breaking upward trend, with the precious metal rising after the Federal Reserve (FED) announced the Federal Open Market Committee (FOMC) policy statement without any major surprises. Currently, gold remains on an upward trajectory, moving around $3,050 USD in the early morning hours.
Concerns about Trump's aggressive trade policies and their impact on the global economy, coupled with escalating geopolitical tensions and the Fed's dovish outlook, continue to drive the historic price surge of safe-haven gold bullion.
According to technical analysis on the 1D chart, gold's upward momentum shows no signs of stopping as buyers continue to probe for new highs. Using Fibonacci measurement tools, gold has successfully broken through the old resistance and transformed it into a crucial support level, specifically the price zone (0.618 and 0.5), and continues climbing higher. This metal has been moving according to DOW theory. It is expected to soon reach the target of $3,200 USD, which corresponds to the 1.618 level of the extended Fibonacci.
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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.