Commodities Analysis by Investing.com (Barani Krishnan) covering: XAU/USD, US Dollar Index Futures, Gold Futures, SPDR® Gold Shares. Read Investing.com (Barani Krishnan)'s latest article on Investing.com
While a triple-top typically scares traders from accumulating further longs, the bull fervor in gold could outrun expectations
But along the way, the market exploded as the death toll and retribution promised by Jerusalem over the invasion turned out to be more than the world expected. In fact, most technical charts are indicating that spot gold will run to $2,010 at least and $2,080 on the high end. But the combination of geopolitical and economic uncertainty, both of which could have implications for inflation and interest rates, is increasing gold's appeal, for now.”
“The current price action seems to be waiting for a break above the horizontal resistance zone of $1,998 to prompt a rather quick run into the benchmark $2070-$2080 orbit.” A sustained break above $2,070-$2,080 — with a daily or weekly close above the zone — will set the stage for a quick $70-$80 advance into the $2,150-$2,170 area, which may be followed by a consolidation phase for the ritual retest of the breakout zone.Dixit cautions that failure to establish a break above the immediate resistance of $1,998 will likely extend the consolidation which starts with the downdraft to below $1,970 and could reach $1,945-$1930.
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