Gold continues to show impressive resilience near recent highs
<Fundamental>
As the threat of a resurgence in inflation with the reckless fiscal policies that are likely to follow the presidential election loom, gold is firmly holding its ground around its historical high. Geopolitical tensions in the Middle East, coupled with soaring demand in China and India, are driving up gold prices. Furthermore, the uncertainty surrounding the US presidential election is boosting demand for gold as a safe haven. UBS has reported that global central banks has acquired 483 tons of gold in 1H2024 and forecasted that gold prices could soar to 3,000 USD per troy ounce next year.
<Technical>
XAUUSD sustained strength throughout the week within the 2720-2750 range. The price maintains a solid uptrend within the ascending channel, while EMA21 shows bullish momentum, widening the gap with EMA78. If XAUUSD breaches the resistance at 2750 and the ascending channel's upper bound, the price could gain upward momentum toward a new high of 2850. Conversely, if XAUUSD breaks the support at 2680, coinciding with EMA21, the price may fall below the channel's lower bound and decline further to the support at 2520.
As the threat of a resurgence in inflation with the reckless fiscal policies that are likely to follow the presidential election loom, gold is firmly holding its ground around its historical high. Geopolitical tensions in the Middle East, coupled with soaring demand in China and India, are driving up gold prices. Furthermore, the uncertainty surrounding the US presidential election is boosting demand for gold as a safe haven. UBS has reported that global central banks has acquired 483 tons of gold in 1H2024 and forecasted that gold prices could soar to 3,000 USD per troy ounce next year.
<Technical>
XAUUSD sustained strength throughout the week within the 2720-2750 range. The price maintains a solid uptrend within the ascending channel, while EMA21 shows bullish momentum, widening the gap with EMA78. If XAUUSD breaches the resistance at 2750 and the ascending channel's upper bound, the price could gain upward momentum toward a new high of 2850. Conversely, if XAUUSD breaks the support at 2680, coinciding with EMA21, the price may fall below the channel's lower bound and decline further to the support at 2520.
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