Is Gold Price Heading for an All-Time High?

24 בינו׳

🔆News:

• Gold prices remained elevated heading into the European session on Friday, hitting a fresh multi-month high near $2,778 in the final hour. Comments from US President Donald Trump, declaring that he did not want to impose tariffs on China, eased concerns about a trade war and inflation. This pushed US Treasury yields further lower, as Trump called for lower interest rates, pushing the US dollar to a one-month low and boosting demand for the non-yielding precious metal.

• Trump said his discussions with Chinese President Xi Jinping were friendly and expressed optimism about securing a trade deal without resorting to tariffs. This eased concerns that his protectionist measures could fuel inflation, while also reinforcing expectations of further monetary easing by the Federal Reserve, which supported gold prices.

• Market participants are now waiting for the fast-moving PMI data to get a clearer picture of the health of the global economy. Any deterioration in risk sentiment could boost XAU/USD.

🔆 Opinion:

• The 1H Relative Strength Index (RSI) is approaching overbought levels, suggesting a possible minor pullback before the next significant rally towards the crucial 1.618 Fibonacci level at $2,790, which is a strong resistance zone.

• On the downside, the nearest support lies between $2,760 and $2,758. A break below this range could push gold prices down to retest recent lows, with the final buy zone located between $2,720 and $2,723.


🔆 Plan:

Price Zone Setup:

👉 Buy Gold 2720 – 2723
❌SL: 2715 | ✅TP: 2730 – 2737 – 2745

👉SELL Gold 2788 -2790
❌SL: 2794 | ✅TP: 2784 - 2780 - 2775

Thank you for reading my comment: "FM"

3 בפבר׳

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