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GOLD (XAUUSD) - Why is the metal rising? A chance to upgrade ATH to 2800?

2024-11-22 10:41 GOLD Forecast

👑 Ideas For #XAUUSD / #GOLD

📈 Why is the metal rising? A chance to upgrade ATH to 2800?

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GOLD rallies and seeks to renew the local maximum. The fundamental background is changing in favor of the metal, to which aggressive buyers are running...

Gold is not reacting to the dollar rally and hawkish Fed rate statements. Markets now rate the probability of a 0.25% Fed rate cut in December at 51%, up from 84% a week ago.

The reason for the metal's rally is paramount to the escalating conflict in Eastern Europe. The US Democrats have untied the hands Ukraine, which has caused Russia to change its nuclear doctrine and lower its threshold for retaliatory decisions. The conflict, fundamentally, is taking a more serious side.

Gold, as a hedge asset in times of crisis, is soaking up investor money and feeling strong buyer support

Technically, we are getting a high probability that the metal can update ATH to 2800-2850.

Resistance levels: 2710, 2731, 2750

Support levels: 2689, 2680, 2674

There is strong resistance ahead, which may trigger a correction to the nearest liquidity zones, but we are not talking about reversals. The correction may end quickly and the price will go into the bull run phase again. Medium-term targets are 2731-2750

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