Gold prices closed yesterday at 3,457.7 USD/ounce, up 0.12% from the previous day, fluctuating between 3,453.7 USD and 3,458.1 USD/ounce, marking the highest level in the past two months.
XAU/USD is currently maintaining an uptrend within a well-defined price channel, with strong support at the 3,390–3,400 range. After a short correction, the price could continue to rise if it holds above the EMA34, with the next target towards the 3,445–3,460 range and further up to 3,500 USD/ounce.
This upward momentum is supported by geopolitical tensions in the Middle East, particularly between Israel and Iran, driving demand for gold as a safe-haven asset. U.S. CPI data lower than expected has also increased expectations of a Fed rate cut, alongside central banks increasing gold reserves, all contributing to the continued rise in gold prices.
XAU/USD is currently maintaining an uptrend within a well-defined price channel, with strong support at the 3,390–3,400 range. After a short correction, the price could continue to rise if it holds above the EMA34, with the next target towards the 3,445–3,460 range and further up to 3,500 USD/ounce.
This upward momentum is supported by geopolitical tensions in the Middle East, particularly between Israel and Iran, driving demand for gold as a safe-haven asset. U.S. CPI data lower than expected has also increased expectations of a Fed rate cut, alongside central banks increasing gold reserves, all contributing to the continued rise in gold prices.
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Top trading opportunities are waiting for you! : t.me/+aljKUwb-ar1jNDg1
🔥 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.