Gold Price Hits $2,015: Technical Analysis Points to Further...

Gold Price Hits $2,015: Technical Analysis Points to Further Upside

Gold (XAU/USD) experienced a breakthrough, surging past the $2,015 mark after breaching a key horizontal barrier. The move is setting the stage for a potential advance towards the $2,025 region by Tuesday. While the US Dollar (USD) sees a mild recovery from a recent three-month low, the yellow metal's gains are tempered by rising US Treasury bond yields and an overall positive risk sentiment in the market.

Despite the USD's rebound, Gold finds support as the market increasingly accepts that the Federal Reserve (Fed) has likely concluded its interest rate hikes. Additionally, investor sentiment is leaning towards the anticipation of potential rate cuts in 2024.

The current technical analysis supports a bullish outlook for Gold, maintaining its validity post-resistance breakout, as market participants eye an extended upward trajectory.

Our preference

Long positions above 1990.00 with targets at 2025.00 & 2050.00 in extension.

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