XAUUSD- Gold will continue to break upward - Target: 2800 points
XAUUSD- Gold will continue to break upward - Target: 2800 points
After several weeks of consolidation, gold managed to break through previous resistance levels, breaking out of a narrow trading range and reaching new highs. Unsurprisingly, gold prices hit new highs last week and are expected to continue rising this week until they reach the designated target of 2,800!
A key point to watch is that gold is approaching overbought territory, raising the possibility of a reversal in the price after making new highs.
Be cautious when entering long positions, as the market may experience a correction after hitting new highs.
The reason:
Election result
The Federal Reserve's decision to cut interest rates
Tensions between Iran and Israel are easing
Us government debt reduction plan
The fourth quarter is the peak season for gold
China's artificial stimulus
After several weeks of consolidation, gold managed to break through previous resistance levels, breaking out of a narrow trading range and reaching new highs. Unsurprisingly, gold prices hit new highs last week and are expected to continue rising this week until they reach the designated target of 2,800!
A key point to watch is that gold is approaching overbought territory, raising the possibility of a reversal in the price after making new highs.
Be cautious when entering long positions, as the market may experience a correction after hitting new highs.
The reason:
Election result
The Federal Reserve's decision to cut interest rates
Tensions between Iran and Israel are easing
Us government debt reduction plan
The fourth quarter is the peak season for gold
China's artificial stimulus
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