XAUUSD is advancing strongly. Will it finally reach $3,000?
Fundamental analysis
Gold surged past $2,865 per ounce, a new record high as markets pursued safety amid growing concerns that a US-China trade war could impact global growth. Trump postponed tariffs on Mexico and Canada but moved forward with a 10% charge on all imports from China this week, prompting Beijing to announce retaliatory tariffs on US energy goods, set to take effect next week.
Meanwhile, market expectations of two US rate cuts this year benefit non-yielding gold.
Technical analysis
Gold prices ended their bearish correction at the support level around 2537 and then continued to advance with strong bullish momentum.
XAUUSD is heading towards its next resistance around 2952 (78.6% Fibonacci Extension) and then continues towards the psychological level of 3000.
On the other hand, if it fails to close the daily candle above the 61.8% Fibonacci extension (around 2864), it could fall in the short term.
Gold surged past $2,865 per ounce, a new record high as markets pursued safety amid growing concerns that a US-China trade war could impact global growth. Trump postponed tariffs on Mexico and Canada but moved forward with a 10% charge on all imports from China this week, prompting Beijing to announce retaliatory tariffs on US energy goods, set to take effect next week.
Meanwhile, market expectations of two US rate cuts this year benefit non-yielding gold.
Technical analysis
Gold prices ended their bearish correction at the support level around 2537 and then continued to advance with strong bullish momentum.
XAUUSD is heading towards its next resistance around 2952 (78.6% Fibonacci Extension) and then continues towards the psychological level of 3000.
On the other hand, if it fails to close the daily candle above the 61.8% Fibonacci extension (around 2864), it could fall in the short term.
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.
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.