GOLD → Price overcomes key resistance 1984

26 Okt 2023

XAUUSD is breaking a key resistance area. I previously pointed to the 1984 level.News and fundamental background and heightened interest favor the metal's pricing.

Gold is subject to increased interest based on conflict and geopolitical crisis. This is mostly due to the situation in the middle east. Today several important news are published, which will give us a medium-term understanding about inflation and further US monetary policy.
From a technical analysis point of view, there is a high chance of a continuation of the price rise, because if 1984 is broken and the price consolidates above this level, the market has a new target as 2000 and 2025. Investors, medium term holdings perceive gold as a safe asset in volatile times, money is flowing smoothly from the market into gold. In the medium and long term, I expect the growth to continue, as there are no preconditions for global improvement in the world.

Support levels: 1984.4
Resistance levels: 2000, 2010, 2025

I assume that a retest of the previously broken support is possible, but I continue to wait for growth within the ascending price channel

DXY XAUUSD MGC1! GC1! XAGUSD US500

Regards R. Linda!