Gold prices trade near historic highs
Gold prices hovered near the all-time high reached earlier this week amid a weaker USD and expectations of further Fed rate cuts. Moreover, concerns about economic slowdown in the US and China further supported the safe-haven asset XAU/USD.
On the technical chart, XAU/USD is on track to retest recent highs and even extend gains, despite the positive market sentiment, as investors shed the USD. In addition, technical indicators have extended their advances into positive levels, albeit with limited upside strength as the XAU/USD pair develops below its recent highs.
Given the current situation, do you expect a long-term bullish wave?
On the technical chart, XAU/USD is on track to retest recent highs and even extend gains, despite the positive market sentiment, as investors shed the USD. In addition, technical indicators have extended their advances into positive levels, albeit with limited upside strength as the XAU/USD pair develops below its recent highs.
Given the current situation, do you expect a long-term bullish wave?
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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.