XAU/USD : Strong Uptrend Nearing Key Resistance at $2,722
Uptrend Continuation: Gold is in a strong upward trend. The price has generally been above the 200-day moving average, indicating strength. Historically, when gold prices stay above such moving averages, it often signals continued bullish momentum.
Resistance Levels: The recent price action suggests that the gold price is testing a significant resistance near the $2,722 level. If the price breaks through this level with strong volume, it could signal further upside potential.
Previous Highs and Support: Gold had prior peaks in 2020 and 2022 at around $2,000 and $2,070, respectively. If the price were to pull back, those levels could act as support, but for now, the uptrend seems intact.
If the uptrend continues, gold could move higher towards new all-time highs, especially if it breaks the $2,722 level. Conservative targets could be $2,800 and $3,000 in the medium term if the current momentum holds.
However, a break below the moving average line (green) or a failure to hold above $2,700 might result in a correction, with support levels at $2,400 or $2,300.
Resistance Levels: The recent price action suggests that the gold price is testing a significant resistance near the $2,722 level. If the price breaks through this level with strong volume, it could signal further upside potential.
Previous Highs and Support: Gold had prior peaks in 2020 and 2022 at around $2,000 and $2,070, respectively. If the price were to pull back, those levels could act as support, but for now, the uptrend seems intact.
If the uptrend continues, gold could move higher towards new all-time highs, especially if it breaks the $2,722 level. Conservative targets could be $2,800 and $3,000 in the medium term if the current momentum holds.
However, a break below the moving average line (green) or a failure to hold above $2,700 might result in a correction, with support levels at $2,400 or $2,300.
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.