đ„*GOLD/XAUUSD AT ALL TIME HIGH*đđȘ
XAUUSDT is looking bullish today, breaking through the $2,700 psychological level and reaching a new all-time high.
This surge is largely driven by the increased prospects of global easing, with central banks accelerating their monetary easing cycles by cutting interest rates. The European Central Bank's recent decision to lower its deposit rate by 25 basis points is a significant turning point in this trend.
Key Levels to Watch:
- Primary Support: $2,700 (key level)
- Primary Resistance: $2,750 (significant round number)
- Secondary Support: $2,685 (September high)
The Relative Strength Index (RSI) is currently overbought, advising long-holders not to add to their positions due to the increased risk of a pullback.
However, gold's strong overall uptrend suggests that any corrections are likely to be short-lived, and the bull trend will resume.
Fundamental Drivers:
- Central banks' easing cycles: The European Central Bank, Bank of England, and Bank of Canada are expected to cut interest rates, making gold more attractive.
- US data: Strong US retail sales and initial jobless claims data may limit the upside for gold.
Overall, XAUUSDT's bullish trend is expected to continue, driven by global monetary easing and central banks' decisions.
However, investors should be cautious of potential pullbacks and keep an eye on key levels and fundamental driver.
