Gold Rangebound? Path to $2500 still in focus

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Here are key reasons why Gold should not drop below $2300 and go above $2400 next week/month:

uncertainty and geopolitical tensions, especially the Russia-Ukraine conflict, have increased the demand for safe-haven assets like gold.
Central bank purchases: Central banks, including the Reserve Bank of India, the National Bank of Poland, and the Czech National Bank, have continued to buy gold, which supports the market and could push prices higher.
Decreasing non-monetary gold imports into China: While China's central bank paused its gold purchases, other central banks are likely to continue buying, maintaining the overall bullish sentiment in the market.
Positive shift in risk mood: The positive shift in risk mood has made it difficult for the US Dollar to hold its ground, supporting the XAU/USD pair.
Technical analysis: Some analysts and traders suggest that the familiar W form and the break above the trendline could lead to a test of $2500.
Psychological level: The fact that many traders want to see XAU/USD at $2500 could be a reason why it might reach that level.
High inflation: High inflation rates could lead to increased demand for gold as a hedge against inflation.
Weakening US Dollar: A weakening US Dollar could also support higher gold prices.
Strong technical indicators: Technical indicators like RSI, MACD, and moving averages suggest a bullish trend for XAU/USD.
Market sentiment: The overall market sentiment is bullish for gold, with many analysts predicting record-high prices in the coming months.

Just an idea not financial advise, treat it as such.
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Beautiful trade so far!
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All Targets reached!
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