GOLD Price Surges on US Debt Ceiling Concerns - READ!

As per our previous forecast, we emphasized the importance of patience when trading GOLD, and finally, the price has broken out of the upper dynamic trendline of the symmetrical triangle, causing the price to skyrocket in a long setup.

The price of GOLD is now looking to surpass the 2 ,020.00 mark, and its appeal has increased due to concerns regarding the US debt ceiling. An extension of the debt ceiling could result in a downgrade of the long-term outlook for the US. Currently, the GOLD price is heading towards 2 ,048.75 after a breakout from the symmetrical triangle.

During the Asian trading session, the GOLD price (XAU/USD) is showing strength in breaking the immediate resistance of 2 ,020.00. This precious metal has shifted to a bullish trajectory as mounting concerns for the United States are observed. The US Treasury Secretary Janet Yellen has recently warned that the Treasury will run out of funds in early June if the administration fails to raise the debt ceiling and will face problems in making payments.

US President Joe Biden is declining negotiations with the US House of Senate Joseph McCarthy as Republicans demand significant cuts in the President's spending initiatives. However, concerns that the US economy won't be able to make payments smoothly may force President Biden to come to the table for debt ceiling talks.

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