Gold needs to hit $2,740 to keep rising.
Gold prices continued to rise in the Asian trading session on Friday, marking the second consecutive day of consolidation. Although it reached a record high of $2,759 on Wednesday, prices remained confined within a familiar range since the beginning of the week.
The fluctuations in gold prices are influenced by expectations that the Federal Reserve may adopt a less aggressive easing policy, along with uncertainties surrounding the presidential election and geopolitical tensions in the Middle East. Additionally, earnings reports from U.S. companies play a crucial role in shaping risk sentiment, which in turn affects the value of the U.S. dollar (USD) and gold prices.
Personal opinion:
To maintain a sustainable upward trend, surpassing the resistance level of $2,740 is really important. If successful, this will open up opportunities for gold buyers to continue targeting the psychological barrier of $2,750. If they can break through this level, the next goal will be the record high of $2,759. This indicates that the market is showing positive signs and could continue to grow, offering hope to investors.
Pay attention to the price range:
The fluctuations in gold prices are influenced by expectations that the Federal Reserve may adopt a less aggressive easing policy, along with uncertainties surrounding the presidential election and geopolitical tensions in the Middle East. Additionally, earnings reports from U.S. companies play a crucial role in shaping risk sentiment, which in turn affects the value of the U.S. dollar (USD) and gold prices.
Personal opinion:
To maintain a sustainable upward trend, surpassing the resistance level of $2,740 is really important. If successful, this will open up opportunities for gold buyers to continue targeting the psychological barrier of $2,750. If they can break through this level, the next goal will be the record high of $2,759. This indicates that the market is showing positive signs and could continue to grow, offering hope to investors.
Pay attention to the price range:
Buy Zone: 2704 - 2702
SL: 2697
Buy Zone: 2713 - 2711
SL: 2706
Sell Zone: 2740 - 2742
SL: 2747
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