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Gold prices surged, reaching the target set in the previous technical report at $2677 per ounce during morning trading.
The simple moving averages continue to support the potential for further upward movement, with the 14-day momentum indicator signaling a continuation of the trend as long as prices remain above the key levels of 2660 and 2650.
Given this stability, the positive outlook remains, with expected targets at 2685 and 2689. A confirmed breakout and consolidation above 2689 could accelerate the upward trend, potentially pushing gold towards a new high of 2700.
On the downside, a confirmed break below 2650 could temporarily halt the upward movement, placing gold under temporary pressure to retest 2635 before any attempts to rise again.
Warning: Risks are high, especially given ongoing geopolitical tensions, and all scenarios remain 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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