Gold (XAU/USD) is currently experiencing a strong bullish momentum, driven by fundamental factors that are supporting its price. Given the current market conditions, we do not anticipate significant pushback in the near term.
On the daily chart, gold has been trading within an ascending channel since August 8, 2024. This channel is characterized by a tested lower line (support) that has held multiple times, while the upper boundary has been tested less frequently, indicating a robust upward trend.
Within this ascending channel, gold has also traded in two distinct neutral rectangle ranges:
- First Rectangle: $2,475 - $2,530. The price remained within this range for 22 days before breaking out, resulting in a subsequent price rise of approximately 5.5%.
- Second Rectangle: $2,630 - $2,675. The price was contained within this range for 23 days.
On October 16, 2024, gold successfully broke above the second neutral rectangle, signaling a potential continuation of the bullish trend.
If gold continues to rise and achieves an additional 5% increase from its current levels, we could see the price target around $2,800 by the end of this month. It is important to monitor this level closely, as it may present a point of reversal or profit-taking for traders.
On the daily chart, gold has been trading within an ascending channel since August 8, 2024. This channel is characterized by a tested lower line (support) that has held multiple times, while the upper boundary has been tested less frequently, indicating a robust upward trend.
Within this ascending channel, gold has also traded in two distinct neutral rectangle ranges:
- First Rectangle: $2,475 - $2,530. The price remained within this range for 22 days before breaking out, resulting in a subsequent price rise of approximately 5.5%.
- Second Rectangle: $2,630 - $2,675. The price was contained within this range for 23 days.
On October 16, 2024, gold successfully broke above the second neutral rectangle, signaling a potential continuation of the bullish trend.
If gold continues to rise and achieves an additional 5% increase from its current levels, we could see the price target around $2,800 by the end of this month. It is important to monitor this level closely, as it may present a point of reversal or profit-taking for traders.
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