XAUUSD: Buy short on the breakout zone
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Last week, Gold didn't experience much volatility until Friday, when it completely broke free from the range of $2022 and $2028 with support from $2015. This was due to financial investors' expectation that the Fed would cut interest rates in June 2024. As a result, the value of the USD decreased compared to other currencies, leading to an increase in gold prices.
Looking at the H1 chart, gold retreated after reaching a peak of $2041, with expectations of further price increases if it manages to break through the resistance levels at $2031 and $2028, as indicated by Fibonacci. Before the next upward movement, a price increase is expected to reach $2050.
Last week, Gold didn't experience much volatility until Friday, when it completely broke free from the range of $2022 and $2028 with support from $2015. This was due to financial investors' expectation that the Fed would cut interest rates in June 2024. As a result, the value of the USD decreased compared to other currencies, leading to an increase in gold prices.
Looking at the H1 chart, gold retreated after reaching a peak of $2041, with expectations of further price increases if it manages to break through the resistance levels at $2031 and $2028, as indicated by Fibonacci. Before the next upward movement, a price increase is expected to reach $2050.
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