Gold has surged to an astonishing level, nearing $2,350. Gold prices are struggling to attract any meaningful buyers amidst the emergence of new USD buying pressure. Betting on the Fed's likelihood to maintain higher interest rates for a longer period amid challenging inflationary conditions is expected to bolster USD demand.
From a technical standpoint, despite gold being overbought, signs of recovery are evident. It is anticipated that gold prices will test the 0.5-0.618 Fibonacci level before continuing their upward trajectory.
From a technical standpoint, despite gold being overbought, signs of recovery are evident. It is anticipated that gold prices will test the 0.5-0.618 Fibonacci level before continuing their upward trajectory.
