Categories: Market Overview

Gold possibly targets new record highs

Gold rose for the third trading session in a row, gaining more than 0.8% since the beginning of the day and reaching five-week highs earlier today at $1969.

Previously, for almost a month, gold gained strong support on declines below $1920, where the momentum of the metal lost power last May. Strong support on the dips indicates that we are seeing a new chapter in precious metal’s momentum.

The bullish optimism is also supported by the acceleration in silver, which is adding more than 2% on Monday to $25.2.

Also noteworthy is the rebound in stock price performance and trading volumes of the world’s largest gold miners.

Since the beginning of April, the rise may well be the first sign that gold is finally coming out of the bigger correction (from August 2020) and the smaller correction (from the early March 2022 peaks). This hypothesis will be confirmed by a renewal of historical highs and a move above $2070. However, the signs now suggest that a move in this direction has already begun and could be completed in a matter of weeks.

The FxPro Analyst Team

The FxPro Analyst Team

Our team consists of financial market experts. Our dedicated professionals prepare reviews on the foreign exchange market situation, Crude Oil, Gold and Stock Indices. All the analysts are regularly published in the world leading economic media.

Share
Published by
The FxPro Analyst Team
Tags: gold

Recent Posts

Nasdaq 100 Wave Analysis 23 December 2024

- Nasdaq 100 reversed from strong support level 21000.00 - Likely to rise to resistance…

2 hours ago

USDJPY Wave Analysis 23 December 2024

- USDJPY reversed from key support level 156.35 - Likely to rise to resistance level…

2 hours ago

US indices: has the bullish trend broken?

The recent declines in US indices may have broken the bullish trend, indicated by technical…

8 hours ago

Dollar: Slowing Momentum, Same Direction

The dollar has paused its strengthening, as weaker-than-expected inflation data reduces fear of future Fed…

12 hours ago

Bitcoin Fell Back to Local Support

Bitcoin finds support near the 50-day moving average, but further declines in the stock market…

13 hours ago

EURCHF Wave Analysis 20 December 2024

- EURCHF falling inside minor impulse wave 5 - Likely to fall to support level…

3 days ago

This website uses cookies