Gold Prices Hit Record High of 2,918 USD per Troy Ounce, Signaling Strong Rally
Discover the Driving Forces Behind Gold’s Surge
Find out why gold prices are soaring to new heights:
1. Geopolitical tensions – US-China trade conflict boosts demand for safe-haven assets like gold.
2. Global monetary policy expectations – Anticipation of US interest rate cuts makes gold more appealing.
3. Central bank demand – Increasing gold reserves by global central banks fuel demand for the precious metal.
The weakening USD is adding fuel to the fire of gold’s bullish momentum.
Technical Analysis of XAU/USD
On the H4 chart, gold found support at 2,865 USD and surged to 2,909 USD. A consolidation phase is expected around this level, with potential breakouts leading to either 2,920 USD or 2,960 USD. The MACD indicator supports a bullish scenario.
On the H1 chart, XAU/USD corrected to 2,865 USD before climbing to 2,909 USD. The price is now consolidating, with targets set at 2,920 USD and 2,960 USD. The Stochastic oscillator indicates a short-term correction before further gains.
Summary of Key Points
Gold’s upward trend is driven by geopolitical tensions, Fed rate cut expectations, and central bank demand. While minor pullbacks may occur, the overall outlook remains bullish, with targets at 2,920 USD and 2,960 USD. Monitor US-China trade relations and Federal Reserve signals for future price movements.
Analysis by RoboForex Analytical Department
Disclaimer
Opinions expressed are solely the author’s. This analysis is not trading advice. RoboForex is not liable for trading outcomes based on this analysis.