Gold - XAUUSD is about to push above 2 000 USD

Technical and fundamental factors continue to push gold higher. At the moment, it trades around 1 995 USD/oz., just slightly below 2 000 USD price tag. We maintain a bullish stance on gold and we expect it to break above 2 000 USD and continue higher. Our medium-term price target of 2100 USD stays in place. Our long-term price target of 2300 USD also remains active.

Technical analysis - daily time frame
RSI, MACD, and Stochastic are all bullish. DM+ and DM- show bullish conditions in the market with ADX rising. Overall, the daily time frame is very bullish for gold.

Technical analysis - weekly time frame
RSI, MACD, and Stochastic are all bullish. The same applies to DM+ and DM-. Meanwhile, ADX shows that the bullish trend of a higher degree continues to strengthen. Overall, the weekly time frame is very bullish for XAUUSD.

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DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not serve as a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.