INTRADAY.FURTHER ADVANCE GOLD MARKET OUTLOOK
XAU/USD may rise 9.10- 24.10 USD
Our Preference
Long Postion above 2405.00 with Targets at 2425.00 & 2440.00 in extension
2440 Resistance
2425. Resistance
2425. Resistance
2415.90 Last
2405.00 Pivot
2405.00 Support..
2395.00 Support..
2385.00 Support..
Comment
The Next Resistance are at 2425.00 and then at 2440.00
Alternative Scenario
Below 2405.00 Look for further downside with 2395.00& 2385.00 as Targets
Our Preference
Long Postion above 2405.00 with Targets at 2425.00 & 2440.00 in extension
2440 Resistance
2425. Resistance
2425. Resistance
2415.90 Last
2405.00 Pivot
2405.00 Support..
2395.00 Support..
2385.00 Support..
Comment
The Next Resistance are at 2425.00 and then at 2440.00
Alternative Scenario
Below 2405.00 Look for further downside with 2395.00& 2385.00 as Targets
Trade closed: target reached:
The gold market is showing strong bullish momentum, with forecasts suggesting it could reach and surpass the $2,440 mark. Several factors are contributing to this optimistic outlook.
Economic Uncertainty and Geopolitical Tensions: Ongoing economic risks, such as high levels of debt and potential recessions, are driving demand for gold as a safe-haven asset. Additionally, geopolitical uncertainties, particularly the tensions between major global powers, are pushing central banks to diversify their reserves, further supporting gold prices (Kitco) (Blueberry Markets).
Monetary Policy Expectations: Many analysts believe that the Federal Reserve may reverse its rate hikes and potentially introduce new rounds of quantitative easing. Lower interest rates typically make gold more attractive as it does not yield interest. This expectation of a shift in monetary policy is bolstering gold's appeal (Economies.com) (FX Empire).
Technical Analysis: From a technical perspective, gold has recently broken through key resistance levels and set new record highs. This breakout has established a strong foundation for further gains, with targets around $2,320 being identified as initial milestones before reaching higher levels such as $2,440 (Economies.com) (FX Empire).
Given these factors, the gold market is positioned to continue its bullish trend, with a price target of $2,440 being well within reach. Investors are advised to monitor economic indicators and central bank policies closely, as these will significantly influence gold's trajectory.
Economic Uncertainty and Geopolitical Tensions: Ongoing economic risks, such as high levels of debt and potential recessions, are driving demand for gold as a safe-haven asset. Additionally, geopolitical uncertainties, particularly the tensions between major global powers, are pushing central banks to diversify their reserves, further supporting gold prices (Kitco) (Blueberry Markets).
Monetary Policy Expectations: Many analysts believe that the Federal Reserve may reverse its rate hikes and potentially introduce new rounds of quantitative easing. Lower interest rates typically make gold more attractive as it does not yield interest. This expectation of a shift in monetary policy is bolstering gold's appeal (Economies.com) (FX Empire).
Technical Analysis: From a technical perspective, gold has recently broken through key resistance levels and set new record highs. This breakout has established a strong foundation for further gains, with targets around $2,320 being identified as initial milestones before reaching higher levels such as $2,440 (Economies.com) (FX Empire).
Given these factors, the gold market is positioned to continue its bullish trend, with a price target of $2,440 being well within reach. Investors are advised to monitor economic indicators and central bank policies closely, as these will significantly influence gold's trajectory.
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