Can we expect the upward surge in gold prices to persist?
<Fundamental>
With escalating geopolitical tensions, the demand for gold has surged significantly. Gold prices continued to climb, surpassing 2,700 USD for the first time. According to Bloomberg, the demand for gold as a safe haven has risen amid increasing geopolitical and economic uncertainty. Moreover, gold prices surged due to the unpredictable US presidential election, which contributed to the prevailing uncertainty. Based on Fitch's analysis, WSJ reported that gold prices will remain robust from 4Q2024 through 1Q2025, with gold trading between 2,500 USD and 2,800 USD in the upcoming months.
<Technical>
After exceeding the previous high of 2680, XAUUSD advanced to 2720, recording its all-time high. The price sustains a solid trend within the ascending channel, indicating a bullish momentum. If XAUUSD breaches the resistance at 2750 and the ascending channel's upper bound, the price may gain upward momentum toward 2850. Conversely, if XAUUSD breaks the support at 2680 and EMA21, the price may fail to hold the channel's lower bound and decline further to the 2520 level.
With escalating geopolitical tensions, the demand for gold has surged significantly. Gold prices continued to climb, surpassing 2,700 USD for the first time. According to Bloomberg, the demand for gold as a safe haven has risen amid increasing geopolitical and economic uncertainty. Moreover, gold prices surged due to the unpredictable US presidential election, which contributed to the prevailing uncertainty. Based on Fitch's analysis, WSJ reported that gold prices will remain robust from 4Q2024 through 1Q2025, with gold trading between 2,500 USD and 2,800 USD in the upcoming months.
<Technical>
After exceeding the previous high of 2680, XAUUSD advanced to 2720, recording its all-time high. The price sustains a solid trend within the ascending channel, indicating a bullish momentum. If XAUUSD breaches the resistance at 2750 and the ascending channel's upper bound, the price may gain upward momentum toward 2850. Conversely, if XAUUSD breaks the support at 2680 and EMA21, the price may fail to hold the channel's lower bound and decline further to the 2520 level.
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