Gold prices continue to rise from $2750
Updated
What do you think about gold today? Let's discuss and strategize for the day!
Gold (XAUUSD) fell significantly yesterday, with prices falling below $2,780 and now hovering around $2,750 — marking its best recovery since mid-October. So, what's driving the metal?
Key drivers:
Gold's uptrend is supported by fundamentals, especially the possibility of the Fed pausing rate hikes if inflation continues to slow. Additionally, geopolitical tensions and a weaker US dollar are boosting gold's appeal as a safe-haven asset.
XAUUSD's new outlook:
If gold holds within its current rising channel and breaks above the key resistance level of $2,790, we could see gold prices reach new highs, heading towards $2,820 or higher.
Short-term levels to watch:
Major support: $2,740 - $2,750
Major resistance: $2,780 - $2,790, with the next target at $2,820 - $2,830
Gold (XAUUSD) fell significantly yesterday, with prices falling below $2,780 and now hovering around $2,750 — marking its best recovery since mid-October. So, what's driving the metal?
Key drivers:
Gold's uptrend is supported by fundamentals, especially the possibility of the Fed pausing rate hikes if inflation continues to slow. Additionally, geopolitical tensions and a weaker US dollar are boosting gold's appeal as a safe-haven asset.
XAUUSD's new outlook:
If gold holds within its current rising channel and breaks above the key resistance level of $2,790, we could see gold prices reach new highs, heading towards $2,820 or higher.
Short-term levels to watch:
Major support: $2,740 - $2,750
Major resistance: $2,780 - $2,790, with the next target at $2,820 - $2,830
Trade active
Gold extends its early recovery, holding above the $2,750 mark after a tepid US Nonfarm Payrolls report. The uncertainties surrounding the US presidential election and the ongoing geopolitical tensions in the Middle East provide some support to the precious metal.Trade closed: stop reached
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