XAUUSD: Continuing uptrend targeting 2300
RalphBenjamin, hello everyone!
As RalphBenjamin mentioned in last week's analysis, XAUUSD's outlook remains positive after the correction and recovery period, especially as it quickly bought back the dip and retested its all-time high ATH at 2270 USD mark yesterday. It is currently trading at a new high of $2282, after surpassing $2270, marking a strong $12 gain and marking a gain of 0.08% today. So what reasons and factors are affecting gold prices?
Looking Ahead: XAUUSD buoyed by safe-haven demand amid growing tensions in the Middle East. The gold market ignored the strength of the USD and expectations of US interest rate cuts and continuously conquered new record levels.
Price volume is still increasing, New Highs have not yet formed so we can still expect further price increases, especially after the bulls quickly and erroneously broke the channel resistance.
RalphBenjamin still maintains strong belief in the uptrend this week and next. Once the current support at the 0.786 Fibonacci retracement and below at the 0.5 mark is broken, there will be nothing to stop XAU from falling further. What are your thoughts on this perspective?
If you liked this article, don't forget to leave RalphBenjamin a like and a review!
Looking Ahead: XAUUSD buoyed by safe-haven demand amid growing tensions in the Middle East. The gold market ignored the strength of the USD and expectations of US interest rate cuts and continuously conquered new record levels.
Price volume is still increasing, New Highs have not yet formed so we can still expect further price increases, especially after the bulls quickly and erroneously broke the channel resistance.
RalphBenjamin still maintains strong belief in the uptrend this week and next. Once the current support at the 0.786 Fibonacci retracement and below at the 0.5 mark is broken, there will be nothing to stop XAU from falling further. What are your thoughts on this perspective?
If you liked this article, don't forget to leave RalphBenjamin a like and a review!
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Comment:
Gold price is holding near a new record high of $2,288 reached in the early Asian session on Wednesday, as softer US Dollar and the US Treasury bond yields lend support to the bright metal along with escalating Middle East geopolitical tensions.
Comment:
Comment:
10-year US Treasury yields rise to 4.37% as Fed policymakers see no need to hurry for rate cuts due to a strong economic outlook and tight labor market conditions. Cleveland Fed Bank President Loretta Mester, “I think the bigger risk would be to begin reducing the funds rate too early.” Fed’s pivot to rate cuts could tighten the labor market further, which will eventually increase wage growth and revamp inflation. Generally, higher bond yields dampen Gold’s appeal as they increase the opportunity cost of holding investment in the latter.
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Trade closed: target reached:
The target of 2300 USD was temporarily achieved
Comment:
