Comprehensive analysis of the heavyweight GOLD (exclusive)

Dear traders
As of now, the gold price is 2909.97/ounce, with an increase or decrease of 0.37%, a high of 2915.26, and a low of 2891.4.
technical analysis
There was a big drop last Friday, and the decline continued on Monday to close positive. Today's opening price is between the short-term moving averages MA5 and MA10.
First, pay attention to the support level of last Friday near 2877, and then the low point of 2864 near the rebound last Wednesday.
Pay attention to yesterday’s rebound high resistance level of 2906-2908, and above it is the 2916 pressure level.
Factor analysis:
1. There is still uncertainty in the conflict between Russia and Ukraine. Although there is news of negotiations, the situation is not completely clear. As long as the conflict is not completely resolved, it may trigger risk aversion in the market at any time, leading to an increase in gold prices.
2. The United States faces the dual pressure of high debt and high interest rates, which affects the credit of the US dollar, leading to the continuous purchase of gold by central banks around the world, which will provide strong support for gold prices in the long run.
3. The Fed is expected to enter a rate cut cycle, which resonates with the purchase of funds and pushes up the price of gold.

4. From the perspective of demand, the trend of global central banks buying gold has been extended. In 2024, the demand for gold from central banks of various countries reached 1,044.6 tons. It is expected that global gold reserves will continue to increase in the next 12 months. The growth in demand has room for gold prices to rise.

If you agree with my analysis, please keep paying attention. I will share my views for free later. (David) XAUUSD GO1!