XAUUSD could see potential for further gains
Technical Perspective
XAUUSD rebounded above the ascending channel's upper bound and held above the Ichimoku cloud, indicating potential for further gains. If the price sustains its bullish momentum with a break above 2680, further gains toward the 100% Fibonacci extension and 2700 resistance might occur. Conversely, a retreat below 2680 could prompt a retest of the 2650 demand.
Fundamental Perspective
According to Bloomberg, gold prices are projected to reach record highs, with forecasts suggesting an increase to $2,917.40 an ounce within the following year. This represents a nearly 10% rise from current levels, driven by its status as a safe-haven asset and increased demand from central banks.
Author: Li Xing Gan, CMT, CFTe
Financial Markets Strategist Consultant to Exness
XAUUSD rebounded above the ascending channel's upper bound and held above the Ichimoku cloud, indicating potential for further gains. If the price sustains its bullish momentum with a break above 2680, further gains toward the 100% Fibonacci extension and 2700 resistance might occur. Conversely, a retreat below 2680 could prompt a retest of the 2650 demand.
Fundamental Perspective
According to Bloomberg, gold prices are projected to reach record highs, with forecasts suggesting an increase to $2,917.40 an ounce within the following year. This represents a nearly 10% rise from current levels, driven by its status as a safe-haven asset and increased demand from central banks.
Author: Li Xing Gan, CMT, CFTe
Financial Markets Strategist Consultant to Exness
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.