Gold hits new historic highs 18/10/2024

Gold prices reached a new record high of $2712 per ounce, aligning with the upward momentum highlighted in the previous analysis. The breach of the 2685 level led to the anticipated new highs of 2691 and 2700.

Technical Outlook:
The technical indicators suggest continued bullish momentum, with the simple moving averages and the 14-day momentum indicator pointing to further upward potential. The price has stabilized above 2685, now a key support level. If the price consolidates above 2712, this may enhance the upward trend, with targets set at 2723 and 2737.

Downside Scenario:
If the price falls below 2685, this could delay the bullish outlook, potentially leading to a retest of 2660 and 2645 before any upward attempts resume.

Warnings:

• The risk level is high due to ongoing geopolitical tensions, which may lead to volatility and unexpected price movements.

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.

S1: 2684.00	R1: 2723.00
S2: 2659.00	R2: 2737.00
S3: 2645.00	R3:  2762.00