The price of gold has risen from 2000 to 2400 mainly due to two factors: the war in Ukraine and the massive gold purchases by the Chinese national bank. The bank announced a week ago that it would halt its purchases. The war is no longer an issue. Barring negative global events, a break of gold below 2269 would lead to a target of 2114 in the medium term. When news about the US elections begins, gold will surely return to prices between 2300-2500.
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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.