the outlook for gold appears to be mixed,
On the bullish side, gold has seen a significant rally recently, driven by factors such as geopolitical tensions, central bank demand (especially from countries like China, India, and Russia), and the expectation of further interest rate cuts globally. These drivers provide strong upward momentum, with some predictions even suggesting potential highs between $2,700 and $3,000 by the end of the yea
However, in the short term, gold has started showing signs of a possible correction. The price recently invalidated a breakout above key support/resistance levels, and with the U.S. Dollar expected to strengthen, there are indications that gold may face downward pressure soon. If the USD continues to rise, we could see gold pulling back sharply, especially if it drops below critical support around the $2,600 mark
In summary, while gold is expected to continue rising in the long term, a short-term correction could occur in October. Traders may look for buying opportunities if the price dips, but caution is advised due to possible volatility.
However, in the short term, gold has started showing signs of a possible correction. The price recently invalidated a breakout above key support/resistance levels, and with the U.S. Dollar expected to strengthen, there are indications that gold may face downward pressure soon. If the USD continues to rise, we could see gold pulling back sharply, especially if it drops below critical support around the $2,600 mark
In summary, while gold is expected to continue rising in the long term, a short-term correction could occur in October. Traders may look for buying opportunities if the price dips, but caution is advised due to possible volatility.
Note
sell target done
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