Gold is at a record high, and a rising USD may limit growth.
Updated
Gold prices (XAU/USD) rose for the third consecutive day on Thursday, marking the sixth positive day in the last seven, as it tested an all-time high in Asian trading. Anticipated rate cuts from major central banks and geopolitical risks from the Middle East are driving interest in gold.
Meanwhile, expectations of modest Fed rate cuts next year have kept the US dollar (USD) near its highest level since early August, limiting new bullish bets on gold. Traders are now focused on US macro data for momentum in the North American session.
Personal opinion:
Currently, there are positive signs that could push gold prices up to $2,700. If there are more buying transactions, this will create new momentum for optimistic traders, helping to extend the upward trend for several months. This outlook is further reinforced by the fact that daily chart fluctuations remain in the positive zone and are still far from being overbought.
Pay attention to the price range:
Meanwhile, expectations of modest Fed rate cuts next year have kept the US dollar (USD) near its highest level since early August, limiting new bullish bets on gold. Traders are now focused on US macro data for momentum in the North American session.
Personal opinion:
Currently, there are positive signs that could push gold prices up to $2,700. If there are more buying transactions, this will create new momentum for optimistic traders, helping to extend the upward trend for several months. This outlook is further reinforced by the fact that daily chart fluctuations remain in the positive zone and are still far from being overbought.
Pay attention to the price range:
Buy zone: 2650 - 2652
SL: 2645
Buy zone: 2664 - 2666
SL: 2659
Sell zone: 2684 - 2686
SL: 2691
SELL ZONE: 2700
Trade active
Sell zone: 2684 - 2686
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