GOLD: New Record High Wait for You!

XAUUSD Gold Traders
10-16

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

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$Gold - main 2412(GCmain)$ Technical: Gold has managed to reach the first bullish target of $2,668 that I have been mentioning, with the next target looking towards all-time highs. It is expected to reach a new all-time high before the US market today!

Gold price has successfully reached our first awaited target at $2668.00. The gold price started today's trading with a new bullish bias and attempted to break above the mentioned level, thus supporting the expectation of a continued uptrend in the intraday as well as in the short term. As a reminder, our next target for gold prices is the recent record high of $2,685.50.

Looking at the 4-hour chart, the 50-period Exponential Moving Average (EMA) is supportive of gold prices, which supports the expectation that gold prices will continue their uptrend. It is important to note that should gold prices fall below $2,660.00, this could put gold prices under bearish pressure and down towards key support at $2,635.06 before a renewed attempt at a rally.

Gold prices will trade between support at 2655.00 and resistance at 2690.00 today. $XAU/USD(XAUUSD.FOREX)$

Trading is dominated by buy trades!

Strategy: Sell:2680-82 TP:2665-68 SL:2690

Buy:2660-63 TP:2675-78 SL:2655

Follow me to learn more about analysis!!

https://x.com/TradersXauusd/status/1846479344828588487

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