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Technical Overview Taking a detailed outlook at Gold/XAUUSD on a long/medium term overview using our monthly & weekly charts respectively it would seem as though Gold is currently forming a AB = CD formation and if that is the case we can expect Gold to continue to push further up well into our $2500 Psychological level/area where we can expect a Possible correction to the downside from there. Fundamental Overview After looking at it from a technical point of view we can now look at the contributing factors to this aggressive bullish momentum, we know that Gold is considered as a safe haven for investors and given all the major events happening around the world we know that quite a number of countries including the US have their national elections this year which tend to cause instability and increased volatility in the markets, also factored with other factors like high interest rates, inflation, etc. All these factors then lead investors to look for ways to “safely” protect their capital as they ride out the potential/expected turbulence until things stabilise once again.

Looking back on our Gold daily chart we can take note of the fact that Gold was in a relatively strong uptrend throughout the first half of this year; however in the beginning of June 2023 we saw breakout of the 5 month uptrend after which price attempted to push back up creating a new residence at 1979.70 before pushing back down. Now looking forward we can expect Gold to push further down to 1855.29 before heading up to our active sell zone between 2008.63 and 2016.55 after which we can expect Gold to start plummeting all the way down to our 1737.90 and 1726.57 area respectively.