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.

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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.
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