Gold prices set a record high in a new week

Dear traders!

On the hourly timeframe we see a classic bullish pattern. At the time of writing the price is trading above the strong support zone of 2375 USD being protected by buyers on the bullish wave. Accordingly, the 2,400 USD mark is also an important level that Wall Street experts believe that this week's gold price could reach or exceed its all-time high. At the time of writing, gold is trading at $2,336 after touching $2,440, marking a 0.93% increase on the day.

From now until the end of the week, the market will be quite calm after a series of inflation news last week. We now need to wait for US Existing Home Sales in April and the minutes of the FOMC's April/May monetary policy meeting (released on Wednesday, May 21); S&P preliminary manufacturing and services PMI index, weekly jobless claims and new home sales in April (released on Thursday, May 22) and orders report durable goods in April (announced Friday, May 23).

It is expected that in the coming time, the medium and long-term upward trend of gold will continue. Technically gold could open the door to challenging the $2,500 mark to at least reap the biggest gains for buyers, as this is often a more encouraging pattern with the ultimate goal of more growth again.

Trade active

Comment:

Comment:

Gold prices (XAU/USD) pared earlier gains to trade at $2,410 on Monday after comments from Federal Reserve Vice Chairman for Supervision Michael Barr suggested interest rates would need to remain on hold. stay at current levels longer to bring inflation back to a sustainable target.