Gold Price Forecast: Will $2,685 Become a Reality?
Updated
Dear friends,
Gold prices have broken a two-day uptrend, reaching their highest level in weeks amid the Federal Reserve's hawkish stance. On the other hand, declining U.S. Treasury yields are weakening the USD, offering some support for the XAU/USD pair. Traders are now looking to Fed speakers for direction ahead of Friday's U.S. Non-Farm Payrolls (NFP) report.
Based on the current analysis on the 1-hour timeframe and the optimistic market sentiment, the bullish momentum is expected to continue, supported by the EMA 34 and EMA 89. This upward move is projected to reach at least $2,685, aligning with the dynamic resistance channel's boundary.
What are your thoughts on gold prices today?
Gold prices have broken a two-day uptrend, reaching their highest level in weeks amid the Federal Reserve's hawkish stance. On the other hand, declining U.S. Treasury yields are weakening the USD, offering some support for the XAU/USD pair. Traders are now looking to Fed speakers for direction ahead of Friday's U.S. Non-Farm Payrolls (NFP) report.
Based on the current analysis on the 1-hour timeframe and the optimistic market sentiment, the bullish momentum is expected to continue, supported by the EMA 34 and EMA 89. This upward move is projected to reach at least $2,685, aligning with the dynamic resistance channel's boundary.
What are your thoughts on gold prices today?
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