3 min readGOLD (XAU/USD):
As discussed last week, gold’s price action is gaining momentum again! We are currently pushing into new all-time highs, trading above $2,600. This price surge follows the Federal Reserve’s decision last week to cut interest rates by 0.5%. I’ll be closely monitoring how the asset performs during this period of policy change.
Looking more closely at the technicals, you can see a well-defined ascending trendline forming on the daily timeframe. This aligns closely with the 50% Fibonacci level and a former resistance area that has now turned into support. I’ll also be keeping a close eye on the RSI indicator, which has recently crossed the 70% mark, suggesting the price may be overbought at the moment.
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The financial products offered by the Company are complex and come with a high risk of losing money rapidly due to leverage. These products may not be suitable for all investors. Before engaging, you should consider whether you understand how these leveraged products work and whether you can afford the high risk of losing your money.
The Company does not accept clients from the Restricted Jurisdictions as indicated in our website/ T&C. Some services or products may not be available in your jurisdiction.
The applicable legal entity and its respective products and services depend on the client’s country of residence and the entity with which the client has established a contractual relationship during registration.
