XAUUSD: Could the price continue to rise?
Fundamental analysis
Gold continued to rise to a new record today, reaching around $2,748 per ounce, fueled by demand for a safe-haven asset due to increasing geopolitical tensions in the Middle East, the upcoming US presidential election just a few weeks away, and wider macroeconomic uncertainties.
Moreover, monetary easing from major central banks (such as the PBoC and ECB recently) supports gold's upward momentum. Regarding the Fed, markets are evaluating different scenarios for the future path of US monetary policy.
Technical analysis
From a technical perspective, the price broke previous highs and continues in a strong uptrend. Before breaking the last high, the price corrected to the downside until the 23.6% Fibonacci level (around 2717). However, the RSI is inside the overbought zone showing a bearish divergence that could suggest a pause in the upside path.
Gold continued to rise to a new record today, reaching around $2,748 per ounce, fueled by demand for a safe-haven asset due to increasing geopolitical tensions in the Middle East, the upcoming US presidential election just a few weeks away, and wider macroeconomic uncertainties.
Moreover, monetary easing from major central banks (such as the PBoC and ECB recently) supports gold's upward momentum. Regarding the Fed, markets are evaluating different scenarios for the future path of US monetary policy.
Technical analysis
From a technical perspective, the price broke previous highs and continues in a strong uptrend. Before breaking the last high, the price corrected to the downside until the 23.6% Fibonacci level (around 2717). However, the RSI is inside the overbought zone showing a bearish divergence that could suggest a pause in the upside path.
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