Hi everyone, Dorian here!
Gold continues to surprise as it hits the $3,600 mark for the first time in history, with an impressive 500-pip increase in just a few hours. This surge is driven by the weakening of the U.S. dollar and expectations that the Federal Reserve will cut interest rates this month.
On the chart, XAU/USD remains stable, currently hovering around $3,586. A new support level has formed, and after testing, gold may continue its upward trend. If this support level holds, I believe nothing will be able to stop gold from gaining momentum in the coming days, reaching new highs in 2025.
So, what are your thoughts on gold’s direction in the near future? Share your thoughts in the comments below!
Gold continues to surprise as it hits the $3,600 mark for the first time in history, with an impressive 500-pip increase in just a few hours. This surge is driven by the weakening of the U.S. dollar and expectations that the Federal Reserve will cut interest rates this month.
On the chart, XAU/USD remains stable, currently hovering around $3,586. A new support level has formed, and after testing, gold may continue its upward trend. If this support level holds, I believe nothing will be able to stop gold from gaining momentum in the coming days, reaching new highs in 2025.
So, what are your thoughts on gold’s direction in the near future? Share your thoughts in the comments below!
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.