GOLD Futures Hit Record High, Upside Potential Ahead

17 июл.

Gold Futures Reach New All-Time High with Potential for Further Gains
Gold futures have attained a new all-time high of 2482 overnight, driven by increasing hopes for rate cuts, a decline in U.S. Treasury yields, and escalating geopolitical tensions. These factors suggest the potential for further appreciation in the near future.

General Direction: Uptrend

Uptrend Side: The trading volume is significant, and the price has closed above 2465 on the daily candle. This indicates strong upward momentum, suggesting that the trend is likely to continue. Consequently, there is a high probability that the price will reach a new high of $2500. However, caution is advised, as a strong rise may be followed by a significant correction, potentially down to around 2429.

Downtrend Side: If a correction occurs, the price may continue to fall until it drops below the support level of 2429. A close below 2429 on the 4-hour candle would signal the beginning of a step-by-step negative trend.

Key Level: 2429

18 июл.

Сделка активна

18 июл.

Сделка активна

The gold price experienced some downward movement today, closing the 1D candle below the 2465 level yesterday. This may increase the likelihood of a decline toward 2429. However, the price is currently trading above 2465. Provided that the price remains above this level, the bullish trend toward a new high, such as 20500, will remain feasible.