A critical price zone awaits at the end of 2024, which could define the future trend for gold.
🔥 7 resistance tests suggest buyers hold the majority, but the level hasn't been broken. FrankFx believes this is due to large funds and country coordination adjusting prices to reach an all-time high (ATH) at a more favorable time (e.g., September rate cuts, November U.S. presidential election).
🔥 H4 technical frame supports a strong uptrend.
🦋 The combination of technicals, economic, and political factors will shape the trend and timing.
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New ATH targets: 2560 - 2590 - 2650
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⭐️ NOTE: FrankFx advises traders to manage their capital well: - Trade lot sizes appropriate for your capital. - Take profit: 4-6% of your account. - Stop loss: 2-3% of your account. - The true winners are those who stay in the market the longest.
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Gold prices are rising—anticipate major FOMO ahead of next week's FOMC meeting. Positive outlook for gold.