GOLD → Strong support remains intact, prices could rise further

לפני 4 ימים

Dear friends!

Overall, gold has seen a significant price surge over the past week, surpassing the $2830 mark. It is now trading at a new high of $2864, marking the best increase in its trading history. So, what are the reasons and factors driving this precious metal?

Factors influencing gold prices:
Gold prices continue to attract safe-haven flows amid concerns over trade wars. Market expectations for a Fed rate cut and declining U.S. bond yields are also supporting the XAU/USD pair. Furthermore, the slowdown in USD price movements is favoring buyers ahead of Friday's critical U.S. Non-Farm Payroll (NFP) report.

Outlook for XAU/USD:
Barring any major surprises, gold is likely to retrace to a support zone around $2830 - $2840 while testing the EMA 34 and 89 levels before resuming its upward trend. Notably, the resistance zone extending from $2870 to $2880 is crucial; a breakout above this range could drive prices further to $2900.

On a personal note, Joe is optimistic that gold will reach the $2900 mark before any profit-taking opportunities arise.

Sincerely, Joetradegold!

לפני 3 ימים

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