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XAUUSD - Shocking price increase
Gold OANDA:XAUUSD
Camlan_Trading
Hey everyone, let's dive into what's new in the gold market today!
Yesterday, gold saw a significant breakthrough, with the metal surging from around $2300 USD to as high as $2350 USD at the current moment, completely brushing aside previous bearish sentiments.
The weakening of the USD has strongly supported the upward trend of this precious metal. Additionally, gold prices surged even higher "after some major central banks decided to cut interest rates or signaled readiness to cut rates further in the future." Lower interest rates reduce the "opportunity cost" of holding gold, a non-yielding asset, making it a more attractive investment.
Looking at the chart analysis: Gold is approaching a resistance zone as marked.
Regarding points of increase: If successful in maintaining this trend and successfully closing above the resistance level, XAUUSD will open up a lucrative opportunity to quickly advance to $2400 USD. On the other hand, if a pullback to adjust the trend occurs, XAUUSD will retest the breakout zone at $2330 USD once again, but the upward trend will still be preserved as the EMA 34 is reversing and signaling positivity for buyers.
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