Gold's Path to $2050: China's Backing and Technical Patterns Align
The price of Gold is set for further gains, fueled by positive sentiment following the announcement of increased financial support for private firms by the People's Bank of China (PBoC).
In technical analysis, Gold has broken through resistance around the 2009.80 area, forming a potential Head and Shoulders pattern. This breakout signals the potential for a new bullish rally, with the next targets projected at $2025 and $2050, making it a noteworthy development for traders and investors to track.
Meanwhile, market participants are exercising caution ahead of crucial economic data releases from the United States, including the third-quarter Gross Domestic Product (GDP) Annualized and the Core Personal Consumption Expenditures (PCE) Price Index. These indicators provide insights into the overall economic performance and inflation trends, excluding volatile food and energy components.
Our preference
Long positions above 1990.00 with targets at 2025.00 & 2050.00 in extension.