XAUUSD 1D Bullish Trend with All-Time HighOANDA:XAUUSD
📶 Technical Analysis
Weekly (1W) Chart:
🟢 From 2020 to 2023, the price of gold tested the $2000 level several times before breaking through the $2000 resistance towards the end of 2023, leading to a strong bullish trend.
🟢 This breakout fueled a new all-time high of $2790 as the bullish momentum continued into early 2024.
Daily (1D) Chart:
🟢 In 2024, gold prices have surged by approximately +30%, continuing the strong uptrend.
🟡The price is now approaching the previous all-time high and is poised to test this significant level. If the price breaks above this resistance, there is potential for further upside movement.
4-Hour (4H) Chart:
🟢 Since October 2023, the trend has been clearly bullish, with a consistent rise.
🟡 The price is now nearing the all-time high, and a breakout above this level could see the price continue to rise, possibly with momentum-driven gains.
🆕 Fundamental Analysis:
🟢 Global Insecurity & War Escalation: Gold has historically been a safe-haven asset, with its price driven by global uncertainty and geopolitical tensions, such as escalating wars or conflicts.
🟢 De-dollarization: As central banks around the world move towards gold reserves in response to concerns about the US dollar’s strength, gold is benefiting from this trend.
🟢 Post-COVID Economic Situation: Following the pandemic, the world experienced high inflation and central banks responded with interest rate hikes. These measures have slowed economic growth and increased the risk of a recession, further boosting demand for gold as a store of value.
🔤 Conclusion:
🟢 XAUUSD remains in a strong bullish trend, with the price pushing towards its all-time high at $2790. A breakout above this level could lead to further price increases.
🟢 The fundamental drivers behind gold’s price growth include global geopolitical tensions, de-dollarization, and economic instability.
🟡 Traders should watch for a breakout above the all-time high to confirm continued bullish momentum, while also being mindful of the fundamental factors that could continue to push gold prices higher.
🟠 If the resistance at the previous all-time high holds and the price reverses strongly from this level, it could signal a market correction or the start of price action in a range-bound environment. This potential reversal can be confirmed by a trend breakout that would signal further direction.
