Gold Forecast is to rise
While US bond yields are rising, the price of gold continues to trend upwards. Strong statements from a Federal Reserve policymaker and positive economic data from the US have kept both the US dollar and gold stable. Currently, XAUUSD has increased by more than 1.20%.
The upward trend in gold remains intact after surpassing the previous peak at 2,223 and establishing a new high at 2,236. This trend is expected to continue without signs of weakening. Technical indicators also support this positive trend. Therefore, the likelihood of price increases is higher if buyers continue to hold gold trading prices higher, paving the way for a challenge to the $2,300 level.
However, if XAU/USD drops below $2,200, consider selling gold, with support likely around $2,146. This could lead to a significant decline in the price of gold, pushing XAU/USD down to $2,100 and subsequently to $2,088
The upward trend in gold remains intact after surpassing the previous peak at 2,223 and establishing a new high at 2,236. This trend is expected to continue without signs of weakening. Technical indicators also support this positive trend. Therefore, the likelihood of price increases is higher if buyers continue to hold gold trading prices higher, paving the way for a challenge to the $2,300 level.
However, if XAU/USD drops below $2,200, consider selling gold, with support likely around $2,146. This could lead to a significant decline in the price of gold, pushing XAU/USD down to $2,100 and subsequently to $2,088
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.