Gold price today: Creates a new peak at 2266 USD
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Overall, it can be seen that XAUUSD's long-term uptrend is showing signs of weakening, especially as it quickly bought back the decline and retested its all-time high resistance at the $2265 mark. At the same time, two peaks have formed, the price may react similarly any buying activity by the bulls is limited below the resistance level of 2270 USD, especially when the RSI indicator and candlestick patterns are diverging, showing that purchasing power is gradually decreasing. Theoretically, the price should quickly break the support level and correct further.
On the 1H chart, though the uptrend remains supported and ahead of US macro news events and speeches by influential FOMC members later in the North American session. But there are signs that a potential top is forming at $2265-2266. The current support level is around 2233 USD. If this level is crossed, it could cause gold to fall further, potentially reaching $2,222, coinciding with a test of gold's EMA 34,89.
Overall, it can be seen that XAUUSD's long-term uptrend is showing signs of weakening, especially as it quickly bought back the decline and retested its all-time high resistance at the $2265 mark. At the same time, two peaks have formed, the price may react similarly any buying activity by the bulls is limited below the resistance level of 2270 USD, especially when the RSI indicator and candlestick patterns are diverging, showing that purchasing power is gradually decreasing. Theoretically, the price should quickly break the support level and correct further.
On the 1H chart, though the uptrend remains supported and ahead of US macro news events and speeches by influential FOMC members later in the North American session. But there are signs that a potential top is forming at $2265-2266. The current support level is around 2233 USD. If this level is crossed, it could cause gold to fall further, potentially reaching $2,222, coinciding with a test of gold's EMA 34,89.
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Comment:
Following a consolidation phase in the European session, Gold gathered bullish momentum and climbed to a new all-time high above $2,270. Although US T-bond yields rise on Tuesday, renewed USD weakness allows XAU/USD to push higher.
Comment:
After mistakenly jumping from the 2070 threshold to the 2075-2077 mark, the price has decreased and created a potential peak around the high mark. Gold price is currently at 2253
Comment:
Gold price rallies to new all-time highs of $2,276 late in the North American session amid geopolitical risks and despite higher US Treasury yields. Economic data from the United States prompted investors a flight to safe-haven assets, sending the yellow metal higher.
