Gold Analysis on D Chart - 25/09/2024
- Gold prices have reached a new record high above $2,660 per ounce, driven by expectations of U.S. monetary easing and escalating tensions in the Middle East, with cross-border military actions contributing to instability. Meanwhile, the Central Bank of the Philippines sold gold in the first half of 2024, signaling that central bank demand for gold may decrease as prices remain high, potentially limiting further gains.
- XAUUSD has broken through resistance at 2650, climbing to 2660. The price has reached the upper boundary of the channel, signaling strong upward momentum. If XAUUSD stays above the upper boundary of the channel, the price may extend gains to 2670. Conversely, if XAUUSD fails to hold above the channel's upper boundary and the EMA21, the price could retreat to 2575.
- XAUUSD has broken through resistance at 2650, climbing to 2660. The price has reached the upper boundary of the channel, signaling strong upward momentum. If XAUUSD stays above the upper boundary of the channel, the price may extend gains to 2670. Conversely, if XAUUSD fails to hold above the channel's upper boundary and the EMA21, the price could retreat to 2575.
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