The Price of Gold XAU/USD Reaches Yet Another All-time high
The XAU/USD gold chart today shows a surge, with the metal surpassing the milestone of USD 2,250 per ounce.
Driving Factors:
→ Escalating geopolitical tensions, with ongoing conflicts in Ukraine and the Middle East alongside growing concerns of potential terrorist threats.
→ Worries regarding a resurgence of inflation stemming from escalating commodity prices.
In both scenarios, gold emerges as a preferred safe-haven asset.
Since the start of 2024, the XAU/USD price has surged by 12%. But the question lingers: How much longer can this upward momentum persist?
Analysing the gold price from a technical standpoint, two key indicators come into play:
→ The ascending channel (depicted in blue). Currently, XAU/USD resides in its upper range, having tested the support of the median line. Recent dynamics suggest a trajectory towards the channel’s upper border.
→ Fibonacci ratios. Taking the A→B impulse as 100%, the subsequent decline from B→C finds support within the 0.5-0.618 zone, validating the significance of these ratios. This implies a target for price growth from point C at the 1.618 level.
Consequently, these technical analyses for the XAU/USD chart hint at a potential surge towards the 2,333-2,380 zone should the prevailing bullish sentiment persist.
FXOpen offers spreads from 0.0 pips and commissions from $1.50 per lot. Enjoy trading on MT4, MT5, TickTrader or TradingView trading platforms!
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
Disclaimer: The subject matter and the content of this article are solely the views of the author. FinanceFeeds does not bear any legal responsibility for the content of this article and they do not reflect the viewpoint of FinanceFeeds or its editorial staff.
