3 min readGOLD (XAU/USD):
Gold continues to climb, reaching new price discovery levels and hitting all-time highs. We’re currently trading just above $2,700.00, with no signs of slowing down. Given this price action, it raises the question: what’s happening in the economic landscape that’s driving risk assets higher? With elections just around the corner, I suspect this could be one of the contributing factors.
From a technical standpoint, a closer analysis shows that we’ve broken through a newly formed resistance level around $2,650.00. We can also see that the price is holding along the internal ascending trend line. The RSI indicator suggests the price may currently be overbought. If we begin to trade lower, I’ll be closely monitoring how the price reacts to both the previous resistance level, which has now turned into support, as well as the internal ascending trend line and the daily 50 EMA.
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