Gold is rallying strongly, reclaiming its position above $3,400 and hitting a five-week high. The rally was fueled by a weaker US dollar, falling Treasury yields and escalating trade tensions, all of which form a supportive backdrop for the ongoing bullish trend in the precious metal.
Technically, the upside momentum remains intact, despite a minor correction after the price hit a key resistance zone. The pullback is considered a healthy recovery, with buyers likely defending dynamic support near the 34.89 EMA, hovering around the $3,334 POC zone, which typically triggers fresh upside momentum.
The upside momentum is still in favor of the bulls. As long as gold holds above key support levels and risk-off sentiment remains intact, the path to higher levels remains open. The price structure remains solid, and each pullback brings new energy to the next rally.
With a combination of both technical and macro factors, the gold price uptrend continues calmly, confidently and has plenty of room to grow.
Technically, the upside momentum remains intact, despite a minor correction after the price hit a key resistance zone. The pullback is considered a healthy recovery, with buyers likely defending dynamic support near the 34.89 EMA, hovering around the $3,334 POC zone, which typically triggers fresh upside momentum.
The upside momentum is still in favor of the bulls. As long as gold holds above key support levels and risk-off sentiment remains intact, the path to higher levels remains open. The price structure remains solid, and each pullback brings new energy to the next rally.
With a combination of both technical and macro factors, the gold price uptrend continues calmly, confidently and has plenty of room to grow.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.