TradingFXio

Gold New All-Time Highs

Long
TVC:GOLD   CFDs on Gold (US$ / OZ)
Gold is currently exhibiting strength, reaching for the resistance level as market conditions favor safe-haven assets. This movement aligns with concerns over inflation and cautious central bank policies.

Technical analysis: The chart shows gold has rallied to a new all-time high level at approximately $2335, challenging the upper limits of its recent trading range. The upward trend, supported by the ascending black line, indicates sustained buyer interest. A breakout above this newly formed resistance could signal further bullish momentum, potentially leading to higher price levels. Conversely, failure to breach this level may result in a pullback towards the solid support at the $2265.94 area, indicated by the Fibonacci retracement level and the lower red line, which could present buying opportunities within the context of an overall bullish trend.

Our position: With the Federal Reserve's current stance and economic data, our outlook for gold remains bullish. We anticipate potential entries on any retracements, especially if the price maintains above the key support levels. As the market digests the recent rise in the CPI, the direction of gold prices this week may be further influenced by additional economic data releases. We are holding our position with a trialing stop loss as we entered into the trade around 2222 when price broke above previous resistance.

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.