GOLD: Gold Maintained its Intraday Uptrend
Hello everyone! Today i want to share some macro analysis with you!
1.
$Gold - main 2504(GCmain)$ Technical: Gold prices continue to rise and face a resistance level near $3050, which must be broken to confirm further medium-term bullishness towards $3100-3200. Otherwise, if the resistance level remains intact, gold prices could fall towards $3000, or even $2950!
Technical data on the daily chart suggests that the bullish trend will continue. Despite the Relative Strength Index (RSI) being at overbought levels, the technical indicators remain firmly to the upside with no signs of the upside drying up. Meanwhile, the gold price is well above all of its moving averages, with the 20-day Simple Moving Average (SMA) resuming its upward move and currently sitting around $2,931. Prices are expected to remain in the 3025-3065 range today and trading continues to be a buy trade!
Strategy:Buy:3028-3032 TP:3048-3050 SL:3020
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Gold maintained its intraday uptrend, with the price of gold just hitting a record high of $3,039.04 per ounce.
Rising geopolitical tensions are boosting demand for gold. Gold prices hit a new all-time high and are aiming for a continuation of the uptrend. The focus now turns to the Federal Reserve's monetary policy statement.
Spot gold closed surging $33.45, or 1.1 per cent, at $3,033.92 on Tuesday as rising tensions in the Middle East and trade uncertainty caused by President Donald Trump's tariff plans spurred investor demand for safe-haven assets.
British news agency Reuters reported that Israeli airstrikes killed more than 400 people in Gaza, threatening a two-month-old ceasefire. Gold has always been seen as a safe-haven investment in times of economic or geopolitical instability. $XAU/USD(XAUUSD.FOREX)$
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