XAUUSD will reach 2800 in the short term

18 thg 10

Currently, the XAUUSD price has further ascended after three consecutive days of gains, reaching a historic high of $2711. At the same time, the price has touched $2727, nearing the $2730 threshold! The ongoing interest rate cuts by several global central banks, combined with heightened tensions in the Middle East and uncertainties in U.S. politics, provide robust support for the rise in gold prices. Recently, the risk-averse sentiment driven by U.S. political developments and conflicts in the Middle East, along with the accommodative monetary policies of major economies, have continuously supported buying in the XAUUSD market.

In this context, the dollar's pullback has further enhanced the appeal of XAUUSD, becoming one of the key drivers of gold's rise this week. It is anticipated that this momentum will carry into the first half of next week, leading to a predominant focus on long positions in XAUUSD today and throughout the latter half of the week.

However, technical analysis indicates that XAUUSD may experience some adjustments during its upward trajectory. The resistance level around $2720 could serve as a short-term target. If the gold price corrects, support may emerge in the $2700 region; a breach below this level could lead to a further retracement towards $2680. The $2680 area is viewed as critical support, expected to attract significant buying interest, making it a strategic point for bullish positions.

In summary, from a short-term perspective, if the gold price pulls back to the $2700 region, it remains a viable opportunity for continued long positions.