XAUUSD What You Think About It?
Gold achieved another record high of $2,877/ounce today, closing in on important resistance levels of $2,890, $2,920 (the trendline connecting consecutive higher lows between February and November 2024), and the psychological hurdle of $3,000.
Trade tensions between the world's two largest economies, the United States (Trump) and China, are driving up haven demand for XAUUSD. The metal is currently hovering close below the borders of its primary uptrend channel, which was in place from October 2023 to October 2024. A break back into the channel and over the $2,920 barrier might sustain gold's long-term bullish trend.
However, if negotiations are successful, retracements into crucial support levels of $2,820, $2,790, and $2,730 (the prior resistance zone for the November 2024 - January 2025 range) may occur. A closure below $2,730 might signal a deeper bearish scenario for the metal.
By Nexus Trades Zone
Trade tensions between the world's two largest economies, the United States (Trump) and China, are driving up haven demand for XAUUSD. The metal is currently hovering close below the borders of its primary uptrend channel, which was in place from October 2023 to October 2024. A break back into the channel and over the $2,920 barrier might sustain gold's long-term bullish trend.
However, if negotiations are successful, retracements into crucial support levels of $2,820, $2,790, and $2,730 (the prior resistance zone for the November 2024 - January 2025 range) may occur. A closure below $2,730 might signal a deeper bearish scenario for the metal.
By Nexus Trades Zone
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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.