Gold reached a three-week high, capped by a rising dollar.
Gold prices (XAU/USD) rose for the second consecutive day on Wednesday, reaching a three-week high around $2,677-$2,678 due to a downturn in the stock market and geopolitical risks. The flight to safety led to a decline in U.S. Treasury yields, supporting gold.
However, expectations of less aggressive easing from the Federal Reserve and a strengthening U.S. Dollar may limit gold's upward momentum in the near term.
Personal opinion:
Any further price increases are likely to encounter resistance near the $2.685-$2.686 range or the all-time high reached in September. Following that is the round number of $2.700; a decisive breakout above this level would set the stage for a multi-month uptrend amid positive fluctuations on the daily chart.
Pay attention to the price range:
However, expectations of less aggressive easing from the Federal Reserve and a strengthening U.S. Dollar may limit gold's upward momentum in the near term.
Personal opinion:
Any further price increases are likely to encounter resistance near the $2.685-$2.686 range or the all-time high reached in September. Following that is the round number of $2.700; a decisive breakout above this level would set the stage for a multi-month uptrend amid positive fluctuations on the daily chart.
Pay attention to the price range:
Buy Zone: 2647 - 2645
SL: 2640
Buy Zone: 2660 - 2658
SL: 2653
Sell Zone: 2683 - 2685
SL: 2690
Note
Sell Zone: 2683 - 2685
+200PIPS
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