Hello fellow traders,
Gold continues to maintain its impressive upward momentum after reaching a new high at 3,440 USD/oz.
On the technical side, XAUUSD remains within its long-term ascending channel, currently trading around 3,397 USD and holding firm above the key support at 3,278 USD.
On the news front, the rally is fueled by the US imposing a 39% tariff on Swiss gold bars, ongoing geopolitical tensions coupled with stagflation risks, and expectations that the Fed will soon cut interest rates. The Indian market has also hit record highs due to a weaker Rupee, while the widening spread between spot and futures prices reflects tightened supply conditions.
Reference strategy: As long as price holds above 3,278 USD, the preferred scenario is short-term consolidation followed by a breakout above 3,534 USD, aiming for higher levels near the upper boundary of the channel.
What do you think—does XAUUSD have enough momentum to break above 3,440 USD in this move?
Gold continues to maintain its impressive upward momentum after reaching a new high at 3,440 USD/oz.
On the technical side, XAUUSD remains within its long-term ascending channel, currently trading around 3,397 USD and holding firm above the key support at 3,278 USD.
On the news front, the rally is fueled by the US imposing a 39% tariff on Swiss gold bars, ongoing geopolitical tensions coupled with stagflation risks, and expectations that the Fed will soon cut interest rates. The Indian market has also hit record highs due to a weaker Rupee, while the widening spread between spot and futures prices reflects tightened supply conditions.
Reference strategy: As long as price holds above 3,278 USD, the preferred scenario is short-term consolidation followed by a breakout above 3,534 USD, aiming for higher levels near the upper boundary of the channel.
What do you think—does XAUUSD have enough momentum to break above 3,440 USD in this move?
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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.
Top trading opportunities are waiting for you! : t.me/+TaRRH29IRysyNGJl
🔥 High-quality signals – Win rate up to 85%
📍 Accurate, verified technical analysis
⚡ Fast updates – Never miss a golden entry
🔥 High-quality signals – Win rate up to 85%
📍 Accurate, verified technical analysis
⚡ Fast updates – Never miss a golden entry
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.