- Analytics
- News and Tools
- Market News
- Gold Price Forecast: XAU/USD is gearing for another run higher, with eyes on levels above $2,000
Gold Price Forecast: XAU/USD is gearing for another run higher, with eyes on levels above $2,000
Gold price is trading listlessly so far this Friday, as bulls take a breather after the recent blistering rally. Daily technical setup suggests more gains for XAU/USD after a bull flag breakout, FXStreet’s Dhwani Mehta reports.
Bullish daily technical setup
“Gold price finally confirmed a bull flag breakout after closing Thursday above the falling trendline resistance at $1,975. The doors, therefore, remain open for a test of the yearly high at $2,010 should Gold bulls yield a sustained break of the $2,000 barrier.”
“On the other side, any corrective downside in the Gold price will meet initial support at the $1,980 round level, below which the bull flag resistance-turned-support at $1,967 will be tested. The last line of defense for Gold buyers is seen at the $1,950 demand area.”
See – Gold Price Forecast: XAU/USD on course to retest its $2,070/2075 record highs – Credit Suisse
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
