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Gold continues to post record highs, extending its longest winning streak since 2020, reaching $2942 per ounce during early trading today.
Technical Outlook:
- The 4-hour chart shows that simple moving averages continue to support an upward trajectory.
- However, gold is facing resistance at $2942, aligning with the upper boundary of the ascending channel.
- The Stochastic indicator is in overbought territory, suggesting the potential for a short-term pullback.
Key Levels to Watch:
- Bullish Scenario:
- A break above $2942 would reinforce strong bullish momentum, targeting $2954 and $2975 in the near term.
- Bearish Scenario (Pullback):
- Negative signals on the Stochastic indicator may lead to a temporary dip.
- If gold retraces, it may retest support at $2878 before resuming its upward movement.
- A deeper decline could bring $2840 and $2800 into focus.
Market Risks & Considerations:
- Fed Chairman Jerome Powell’s testimony today could trigger high volatility in gold prices.
- Ongoing trade tensions and macroeconomic uncertainties further elevate risk levels.
⚠ Risk Warning: The market remains highly volatile, and all scenarios are possible.
Disclaimer: Trading in CFDs involves risks, and all scenarios are possible. This analysis is not investment advice but rather an interpretation of the current technical landscape for gold.
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