GOLD → Why is the metal rising? A chance to upgrade ATH to 2800?

7 天前

XAUUSD rallies and seeks to renew the local maximum. The fundamental background is changing in favor of the metal, to which aggressive buyers are running...



Gold is not reacting to the dollar rally and hawkish Fed rate statements. Markets now rate the probability of a 0.25% Fed rate cut in December at 51%, up from 84% a week ago.
The reason for the metal's rally is paramount to the escalating conflict in Eastern Europe. The US Democrats have untied the hands Ukraine, which has caused Russia to change its nuclear doctrine and lower its threshold for retaliatory decisions. The conflict, fundamentally, is taking a more serious side.
Gold, as a hedge asset in times of crisis, is soaking up investor money and feeling strong buyer support
Technically, we are getting a high probability that the metal can update ATH to 2800-2850.

Resistance levels: 2710, 2731, 2750
Support levels: 2689, 2680, 2674

There is strong resistance ahead, which may trigger a correction to the nearest liquidity zones, but we are not talking about reversals. The correction may end quickly and the price will go into the bull run phase again. Medium-term targets are 2731-2750

Rate, share your opinion and questions, let's discuss what's going on with ★ XAUUSD ;)

Regards R. Linda!

7 天前

交易進行

Ideal pullback to the 0.5-0.7 Fibonacci zone and further growth.
Result: resistance retest. Chances for further growth are growing