Gold, the longtime safe-haven asset, experienced a notable rally, surpassing the psychological barrier of $2,060 an ounce on Tuesday. This increase is likely due to a combination of factors, with market participants closely monitoring developments in the US economy, especially with regard to inflation and possible cuts. Federal Reserve interest rate cuts.
From a technical standpoint, . The previous resistance area that limited gains at 2050-2060 has now turned into support. I recommend looking for buying opportunities on a pullback to retest the previously broken resistance level, which is also confluent with the 61.8% Fibonacci retracement and the ascending trendline acts as cross support for gold. I see resistance around 2090 as the first potential target and also a test of the all-time high
From a technical standpoint, . The previous resistance area that limited gains at 2050-2060 has now turned into support. I recommend looking for buying opportunities on a pullback to retest the previously broken resistance level, which is also confluent with the 61.8% Fibonacci retracement and the ascending trendline acts as cross support for gold. I see resistance around 2090 as the first potential target and also a test of the all-time high
Note
XAUUSD SELL 2067 - 2069TP1: 2059
TP2: 2054
SL: 2075
XAUUSD buy Limit
buy xauusd 2050 - 2047
TP1: 2058
TP2: 2063
SL: 2040
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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.