Gold:$2700 in Sight Amid Falling Interest Rates & Rising Tension

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Hey Realistic Traders, let’s dive into the analysis of XAUUSD

In the H4 timeframe, gold has touched the bullish trendline three times before continuing its upward trajectory. This consistent support underscores the strength of the bullish trend. Recently, the price formed a descending broadening wedge pattern followed by a breakout, signaling further bullish potential.

Over the past few days, gold has held strong above the upper trendline, increasing the likelihood of sustained bullish momentum. Additionally, the MACD has made a bullish crossover, indicating upward momentum. With these technical indicators aligning, we could see an exciting continuation of this upward movement toward Target Area 1 at $2,708, or even reaching Target Area 2 at $2,766. However, traders should watch the stop-loss level at $2,614 closely. A break below this level could give bears a chance to take control. Stay tuned and be ready to capitalize on these movements!

Fundamental factors support the bullish trend in gold prices. Global central banks are cutting interest rates to boost their economies, leading to weaker currencies compared to gold. Additionally, geopolitical tensions are escalating, exemplified by the unprecedented Israeli attacks on Lebanon and the killing of Hezbollah’s leader on September 27, which may provoke retaliation. This global uncertainty is driving investors to seek safe-haven assets, particularly gold.

Disclaimer: "Please note that this analysis is solely for educational purposes and should not be considered a recommendation to take a long or short position on Gold. "

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Giao dịch đang hoạt động

A slowdown in global economic activity often manifests through various indicators, one of which is the Purchasing Managers' Index (PMI). The PMI is a measure of the prevailing direction of economic trends in the manufacturing and service sectors. A PMI reading above 50 indicates expansion, while a reading below 50 suggests contraction.

Several major economies, such as Indonesia, the United States, China, and European countries, could experience PMI readings below 50 if global economic activity continues to decelerate.

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Ghi chú

Impulsive Breakout as we expected to be

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Ghi chú

Hit the first target

Recently Bullish Crossover also has formed on MACD, indicating continuation of the bullish trend

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Đóng lệnh: đạt mục tiêu

Hit the second target

Gold still moves in the strong bullish trend due to current global monetary easing and rising tensions in Middle East

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Đóng lệnh: đạt mục tiêu

Moving beyond our second target, You also may consider the target area as your reference to take profit.