The chart of Gold (XAU/USD) against the US Dollar indicates a strong uptrend based on both technical and fundamental analysis. Here’s a detailed analysis:
Current Trend: Gold is in an uptrend, as evidenced by the price action on the 4-hour chart. It is supported by a bullish trendline that has been respected multiple times, providing a strong support base for upward movement.
Key Support Zone: The highlighted green area around the $2,685 level represents a significant support zone. If Gold retraces to this level, it presents a potential buying opportunity for traders. This level is crucial as it aligns with the trendline, offering a confluence of support.
Price Target: Following a potential bounce from the $2,685 level, the price of Gold could continue to rally toward higher levels. The immediate target would be around the $2,740 - $2,760 range, aligning with previous resistance points.
Read More: oxifinance.com/2024/10/gold-xauusd-bullish-outlook-key-buying-opportunity-at-2685-support-level.html
Current Trend: Gold is in an uptrend, as evidenced by the price action on the 4-hour chart. It is supported by a bullish trendline that has been respected multiple times, providing a strong support base for upward movement.
Key Support Zone: The highlighted green area around the $2,685 level represents a significant support zone. If Gold retraces to this level, it presents a potential buying opportunity for traders. This level is crucial as it aligns with the trendline, offering a confluence of support.
Price Target: Following a potential bounce from the $2,685 level, the price of Gold could continue to rally toward higher levels. The immediate target would be around the $2,740 - $2,760 range, aligning with previous resistance points.
Read More: oxifinance.com/2024/10/gold-xauusd-bullish-outlook-key-buying-opportunity-at-2685-support-level.html
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