Market analysis shows that gold bulls seem to have regained control of price movements. Market attention shifts to the Fed's statement on Wednesday and Powell's subsequent press conference. If the Fed takes a more "dovish" stance, suggesting that interest rates may be cut in the near future, it may put pressure on the US dollar and may support higher prices for precious metals. On the other hand, if the Fed expresses its willingness to continue to keep interest rates unchanged, it may have the opposite effect on gold prices, with the US dollar likely to strengthen and gold prices under pressure.
From the daily chart, gold prices are breaking through important resistance levels and forming a strong upward trend. The price is currently trading around $3,415, having successfully broken through the key resistance area of $3,378. The Bollinger Band indicator shows that the middle track is at 3,231.01, the upper track is at 3,485.06, and the lower track is at 2,976.97, indicating that the current price is already near the upper track of the Bollinger Band, showing strong upward momentum. The RSI indicator shows that the current value is 64.07, which is in the neutral to strong area, has not yet reached the overbought level, and there is still room for growth.
Recently, a short-term rising flag has formed, which is usually seen as a bullish continuation pattern. Key support is at $3328 and $3247, while resistance is at the psychological levels of $3444 and $3468. If it can hold above $3440 in the short term, it is expected to hit a new all-time high of $3499.83, and once it breaks through, it will open up the possibility of higher prices.
GOLD GOLD XAUUSD XAUUSD XAUUSD XAUUSD XAUUSD
From the daily chart, gold prices are breaking through important resistance levels and forming a strong upward trend. The price is currently trading around $3,415, having successfully broken through the key resistance area of $3,378. The Bollinger Band indicator shows that the middle track is at 3,231.01, the upper track is at 3,485.06, and the lower track is at 2,976.97, indicating that the current price is already near the upper track of the Bollinger Band, showing strong upward momentum. The RSI indicator shows that the current value is 64.07, which is in the neutral to strong area, has not yet reached the overbought level, and there is still room for growth.
Recently, a short-term rising flag has formed, which is usually seen as a bullish continuation pattern. Key support is at $3328 and $3247, while resistance is at the psychological levels of $3444 and $3468. If it can hold above $3440 in the short term, it is expected to hit a new all-time high of $3499.83, and once it breaks through, it will open up the possibility of higher prices.
GOLD GOLD XAUUSD XAUUSD XAUUSD XAUUSD XAUUSD 
🎁Stable weekly profit exceeds 259.7%🎁Win rate is as high as 98.83%,✔Copy accurate trading signals✔Account management. Real-time communication: t.me/cryptoanalyst_baker
Signal entry: t.me/FcCygjylf
Signal entry: t.me/FcCygjylf
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.
🎁Stable weekly profit exceeds 259.7%🎁Win rate is as high as 98.83%,✔Copy accurate trading signals✔Account management. Real-time communication: t.me/cryptoanalyst_baker
Signal entry: t.me/FcCygjylf
Signal entry: t.me/FcCygjylf
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.