Breaking News
May 10, 2023 1:11 PM

Forecast for the price of gold: XAU/USD will finally go to new high record

Forecast for the price of gold: XAU/USD will finally go to new high record

Last week, gold reached record highs before unexpectedly dipping downward on Friday. Keep your bias in favor of a climb to new record highs over $2,070/75, according to economists.

Currently, resistance from gold's record highs of $2,070 and $2,075 has held the metal back. We anticipate that the $2,070/2,075 highs will continue to act as a strong barrier for the time being for more sideways consolidation since a rising negative divergence is still there.

Support is initially indicated around $1,969, followed by $1,950/48, which also contains the 55-DMA, which we would aim to maintain if hit.
"We think the market will eventually climb to new record highs, backed by lower US Real Yields, after the present range period. A major break higher at or over $2,075 on a weekly closing basis would allow for a move toward our first core upside goal of $2,330 or 2360.

Warning: All our services, breaking news, Signals, structures and analysis are focused solely for informational and educational purposes. Trading forex, stocks, futures, cryptos and others result in significant risk of loss and is not suitable for every investor and trader.