XAUUSD Chart Analysis
After making all time new high Gold is now in down trend
Mshdwsr123 posted:After making all time new high Gold is now in down trend
Yes
kazim11 posted:Here I will upload Chart Analysis and Forecast for GOLD on daily basis
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Gold is currently trading at $3,643.09 per ounce, with a 0.25% increase from the previous day. The precious metal has reached new highs, driven by expectations of Federal Reserve interest rate cuts and safe-haven demand amid geopolitical tensions.Key Factors Influencing Gold Prices:Federal Reserve Policy: Expected rate cuts in the upcoming meeting on September 17 are supporting gold prices.Geopolitical Tensions: Ongoing conflicts and economic uncertainty are boosting safe-haven demand.Inflation: Rising inflationary pressures are also contributing to gold's strength.Market Trends:Short-term: Gold is expected to fluctuate upward, with resistance at $3,656-$3,658 and support at $3,501.Long-term: Analysts predict gold prices could reach $3,800 per ounce, driven by investment demand and central bank purchases ¹ ² ³.Recent Developments:ANZ bank has raised its gold price target to $3,800 per ounce, citing solid investment demand.Central banks continue to diversify their reserves, buying gold at a rapid pace ³.Technical Analysis:The Relative Strength Index (RSI) is near overbought levels, suggesting a potential corrective move.Support levels are at $3,528-$3,530 and $3,501, while resistance is at $3,578 and $3,656-$3,658 ¹.
What is next move of the gold?
