3 minsGOLD (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.
Author
Risk Disclaimer Disclaimer: The information provided does not constitute, in any way, a solicitation or inducement to buy or sell any of our products.
Any material presented under this section of our website is not intended and should not be considered investment research or investment advice. Any Comments and analysis reflect the views of different external and internal analysts at any given time and are subject to change...
Disclaimer: The information provided does not constitute, in any way, a solicitation or inducement to buy or sell any of our products.
Any material presented under this section of our website is not intended and should not be considered investment research or investment advice. Any Comments and analysis reflect the views of different external and internal analysts at any given time and are subject to change at any time. The recipient acknowledges that he/she is solely responsible for any trading decisions taken.
Risk warning: Our products are complex financial instruments which come with a high risk of losing money rapidly due to leverage. These products are not suitable for all investors. You should consider whether you understand how leveraged products work and whether you can afford to take the inherently high risk of losing your money. If you do not understand the risks involved, or if you have any questions regarding our products, you should seek independent financial and/or legal advice if necessary. Past performance of a financial product does not prejudge in any way their future performance.
Risk warning: Our products are complex financial instruments which come with a high risk of losing money rapidly due to leverage. These products are not suitable for all investors. You should consider whether you understand how leveraged products work and whether you can afford to take the inherently high risk of losing your money. If you do not understand the risks involved, or if you have any questions regarding our products, you should seek independent financial and/or legal advice if necessary. Past performance of a financial product does not prejudge in any way their future performance.
