First and foremost, Laura would like to extend warm greetings to all dear friends. Let’s discuss and explore the foreign exchange market, particularly focusing on gold (XAUUSD) in today’s context!
Overall, gold (XAUUSD) has shown significant price appreciation during the previous week, surpassing the level of 2662. It is currently trading at a new high of 2690, marking its best performance since January. So what factors and reasons have driven gold’s performance?
Regarding the influencing factors:
The daily drivers for gold stem from uncertainties surrounding Trump administration’s upcoming policies, which enhance gold’s appeal as a safe-haven investment. This occurs despite better-than-expected US employment data reinforcing expectations that the Federal Reserve (Fed) may not implement aggressive interest rate cuts this year. Market reaction to this information: gold prices swiftly recovered and reached their highest level since December 12, recording a weekly gain of more than 1.7%.
Regarding new prospects for XAUUSD:
On the H4 chart, XAUUSD is currently receiving strong support at 2614. A breakdown below this level would lead to significant price decline, while maintaining this level would result in price increases. Upon careful observation, the currency pair has broken above the resistance level of 2662. Both short-term and medium-term outlooks indicate strengthening bullish trends.
Using Fibonacci measurements, if the upward momentum continues, XAUUSD’s next growth points will be 1.272 (price level 2721) and 1.618 (price level 2750).
Important short-term price levels to consider:
Resistance levels: 2698, 2721, 2750
Support levels: 2675, 2666, 2656
Gold Spot / U.S. Dollar
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