The forecast for XAU/USD is looking bullish, with gold gathering momentum and climbing to a fresh multi-month high above $2,780.¹ The near-term technical outlook suggests that gold is about to turn overbought, but the overall trend remains upward.
*Key Factors Influencing the Forecast:*
- _Weak US Dollar_: The decline in the US dollar is supporting gold's upward momentum.²
- _Declining US Yields_: The decrease in US yields across the curve is also contributing to gold's gains.
- _Safe-Haven Demand_: Ongoing geopolitical tensions and economic uncertainty are driving investors towards safe-haven assets like gold.
- _Fed Policy Decisions_: The Federal Reserve's monetary policy decisions, including potential rate cuts, may also impact gold prices.
*Technical Levels to Watch:*
- _Resistance_: $2,900 (upper limit of the ascending regression channel)
- _Support_: $2,530-$2,500 (Fibonacci 23.6% retracement of the October 2023 to November 2024 uptrend)
Keep in mind that market forecasts are subject to change and may be influenced by various factors, including economic data releases and geopolitical events.
*Key Factors Influencing the Forecast:*
- _Weak US Dollar_: The decline in the US dollar is supporting gold's upward momentum.²
- _Declining US Yields_: The decrease in US yields across the curve is also contributing to gold's gains.
- _Safe-Haven Demand_: Ongoing geopolitical tensions and economic uncertainty are driving investors towards safe-haven assets like gold.
- _Fed Policy Decisions_: The Federal Reserve's monetary policy decisions, including potential rate cuts, may also impact gold prices.
*Technical Levels to Watch:*
- _Resistance_: $2,900 (upper limit of the ascending regression channel)
- _Support_: $2,530-$2,500 (Fibonacci 23.6% retracement of the October 2023 to November 2024 uptrend)
Keep in mind that market forecasts are subject to change and may be influenced by various factors, including economic data releases and geopolitical events.
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