XAUUSD OUTLOOK - October 5 2024
Gold continues to display bullish momentum as we approach the coming week, with prices consolidating near $2,650 after testing the critical resistance level at $2,670. A break above this resistance could lead to a surge toward the psychological level of $2,700, though caution is warranted as the RSI is nearing overbought territory, suggesting potential for a pullback or consolidation in the near term. The 50-day and 200-day moving averages confirm the upward trend, signaling continued buying pressure, though momentum appears to be slowing slightly based on other technicals such as the MACD. Fundamentally, gold's outlook remains strong, driven by a dovish stance from the U.S. Federal Reserve, ongoing geopolitical tensions, and persistent inflationary pressures across all key economies. Furthermore, consistent central bank demand, continues to support the metal's price. Traders should monitor the $2,620 support level, as a break below could lead to further retracement, though the overall trajectory for gold remains bullish in light of favorable macroeconomic conditions.
Discord Community: discord.gg/a5pfVuh6Tg
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.