GOLD: Near Record High; What's Will Happen Nexxt?

Hello everyone! Today i want to share some macro analysis with you!

International gold prices were near record highs on Tuesday (13 August) as traders weighed the possibility that tensions in the Middle East could escalate, while the market waited for the US inflation report, which could play a key role in determining the Federal Reserve's interest rate path.

After jumping 1.7 per cent on Monday, gold retreated slightly in the Asian session and is currently trading near $2,460. Safe-haven demand has supported gold's move closer to record highs set last month amid concerns that Iran could launch an attack on Israel this week.

"What we saw in the gold and silver markets on Monday was some support from bullish technicals in gold, prompting some technical buying!

$Gold - main 2412(GCmain)$ $XAU/USD(XAUUSD.FOREX)$

Gold prices extended their uptrend on Monday and are approaching the all-time high of 2,483, which could be tested if U.S. inflation falls short of expectations.

U.S. year-on-year CPI growth in July is expected to fall from 3% to 2.9%; year-on-year core CPI growth is expected to fall from 3.3% to 3.2%.

Momentum favours gold buyers, as reflected in the Relative Strength Index (RSI), which is above the midpoint and targeting higher levels.

The first resistance for gold buyers will be the all-time high of 2483. once this level is breached, the next challenge will be to break the psychological barrier of 2500.

If gold breaks above the above psychological barrier, further gains are expected with the next target being 2550. on the downside, if gold falls below 2450, the next support level will be 2400, followed by the 50-day simple moving average (SMA) at 2373.

Once the above averages are lost, the downtrend in gold could intensify, leading to a drop in gold prices to the 100-day moving average at 2352, followed by a support trendline near 2320. In summary, XAUUSD still has upside momentum, but beware of technical pullbacks! Trading is dominated by buy orders! Strategy:Buy:2455-57 TP:2465-2470-2475 SL:2450

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https://x.com/TradersXauusd/status/1823239391877513266

Gold Hits $2800! Have You Jumped In?

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GOLD: Near Record High; What's Will Happen Nexxt?

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