EugeneHuman

Today, the world witnessed a significant surge in gold prices, with spot gold climbing to a new high of $2,788.10 per ounce, a $12.50 increase from the previous day. Gold futures also experienced a substantial rise, closing at $2,798.60 per ounce, up $17.50.This latest increase marks a continuation of the upward trend observed in recent sessions, with today's gain amounting to 0.68%.Many analysts attribute this bullish momentum to the outcome of the US election. As the implications of the new administration unfold, gold, often seen as a safe-haven asset, is gaining traction among investors seeking to protect their wealth.While the current price level is historically high, I predict that gold may encounter resistance at $2,800 per ounce. If this level is breached, the next significant target could be $2,850 per ounce.As the global economic landscape continues to evolve, gold's performance will undoubtedly remain a subject of keen interest for investors and market watchers alike.

Hello, everyone. Let's contemplate the movement of XAU this week: Will it rise or fall? Below are some of my insights and analysis on XAU. Observing the chart, the trend appears to be upward (reaching a high of $2,759).As a result, gold buyers will require a sustained advance over the psychological barrier of $2,750 in order to challenge the lifetime high of $2,759. Further higher, the $2,570 mark will put the bearish stance to the test. On the downside, the 23.6% Fibo support level of $2,723 remains a tough nut to crack for gold sellers. Acceptance below that level on a daily candlestick closure basis might restart the retreat, aiming for the 38.2% Fibo level of the same rise at $2,700.Further south, the 50% Fibo support at $2,681 will be tested, where the 21-day Simple Moving Average (SMA) coincides.