Gold price promises a new high level in the near future
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Dear beloved friends,
Currently, the price of gold is experiencing an upward trend, reaching above the threshold of $1,900 per ounce in the trading session on October 13th. It has closed at its highest level in three weeks, driven by the escalating tensions in Israel, which have increased the demand for gold as a "safe haven" during times of uncertainty.
As the Federal Reserve (Fed) is nearing the end of its tightening cycle, the resistance that monetary policies have exerted on gold throughout most of 2023 is starting to weaken, presenting an opportunity for gold to rebound.
From the analysis chart:
Gold is showing signs of breaking the downward channel, with a breakout at the $1,932 level. Additionally, the trendline continues to provide support for the precious metal. It is expected that a price increase may continue this week, with long-term targets set at $1,960 and $2,015.
What are your thoughts and ideas about the upcoming gold price?
Currently, the price of gold is experiencing an upward trend, reaching above the threshold of $1,900 per ounce in the trading session on October 13th. It has closed at its highest level in three weeks, driven by the escalating tensions in Israel, which have increased the demand for gold as a "safe haven" during times of uncertainty.
As the Federal Reserve (Fed) is nearing the end of its tightening cycle, the resistance that monetary policies have exerted on gold throughout most of 2023 is starting to weaken, presenting an opportunity for gold to rebound.
From the analysis chart:
Gold is showing signs of breaking the downward channel, with a breakout at the $1,932 level. Additionally, the trendline continues to provide support for the precious metal. It is expected that a price increase may continue this week, with long-term targets set at $1,960 and $2,015.
What are your thoughts and ideas about the upcoming gold price?
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