Gold Hits New High, Awaiting Breakthrough at 2800!

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Gold prices reached a peak of $2,771.61/oz on October 29, boosted by political uncertainties and expectations of a Fed rate cut, closing up 0.9% at $2,766/oz.

Supported by strong EMA levels and a steady trendline, gold's upward journey shows no signs of slowing down. The price near 2800 now stands as a critical resistance "wall" that buyers need to breach to open up further growth potential.

A possible strategy here is to wait for a slight pullback, allowing the price to test support or the EMA level before bouncing back strongly. Traders can seize the opportunity by entering long positions at support, with hopes for a breakout above the resistance to reach new heights. Remember to place a safe stop-loss below the trendline, as even a small slip can change the entire market picture.