Hello traders, glad to discuss gold prices with you today!
Yesterday, gold continued its impressive upward trend, reaching new highs after the Federal Open Market Committee (FOMC) of the U.S. Federal Reserve (FED) released its policy statement without any major surprises. Currently, gold remains on its bullish path, trading around $3,050 in the early morning.
Concerns over Trump’s aggressive trade policies and their impact on the global economy, coupled with rising geopolitical tensions and the Fed’s dovish stance, continue to fuel the historic rally of the safe-haven metal.
From a technical perspective on the 1D chart, gold’s bullish momentum shows no signs of slowing down, as buyers are still searching for new highs. According to Fibonacci measurements, gold has successfully broken resistance and climbed higher. It follows Dow theory while successfully testing support in the 0.5 - 0.618 zone.
The next target is expected to be $3,111, which corresponds to the 1.618 Fibonacci retracement level.
What do you think about today’s gold price movement?
Yesterday, gold continued its impressive upward trend, reaching new highs after the Federal Open Market Committee (FOMC) of the U.S. Federal Reserve (FED) released its policy statement without any major surprises. Currently, gold remains on its bullish path, trading around $3,050 in the early morning.
Concerns over Trump’s aggressive trade policies and their impact on the global economy, coupled with rising geopolitical tensions and the Fed’s dovish stance, continue to fuel the historic rally of the safe-haven metal.
From a technical perspective on the 1D chart, gold’s bullish momentum shows no signs of slowing down, as buyers are still searching for new highs. According to Fibonacci measurements, gold has successfully broken resistance and climbed higher. It follows Dow theory while successfully testing support in the 0.5 - 0.618 zone.
The next target is expected to be $3,111, which corresponds to the 1.618 Fibonacci retracement level.
What do you think about today’s gold price movement?
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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.
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.