Technical Overview
Taking a detailed outlook at Gold/XAUUSD on a long/medium term overview using our monthly & weekly charts respectively it would seem as though Gold is currently forming a AB = CD formation and if that is the case we can expect Gold to continue to push further up well into our $2500 Psychological level/area where we can expect a Possible correction to the downside from there.
Fundamental Overview
After looking at it from a technical point of view we can now look at the contributing factors to this aggressive bullish momentum, we know that Gold is considered as a safe haven for investors and given all the major events happening around the world we know that quite a number of countries including the US have their national elections this year which tend to cause instability and increased volatility in the markets, also factored with other factors like high interest rates, inflation, etc. All these factors then lead investors to look for ways to “safely” protect their capital as they ride out the potential/expected turbulence until things stabilise once again.
Taking a detailed outlook at Gold/XAUUSD on a long/medium term overview using our monthly & weekly charts respectively it would seem as though Gold is currently forming a AB = CD formation and if that is the case we can expect Gold to continue to push further up well into our $2500 Psychological level/area where we can expect a Possible correction to the downside from there.
Fundamental Overview
After looking at it from a technical point of view we can now look at the contributing factors to this aggressive bullish momentum, we know that Gold is considered as a safe haven for investors and given all the major events happening around the world we know that quite a number of countries including the US have their national elections this year which tend to cause instability and increased volatility in the markets, also factored with other factors like high interest rates, inflation, etc. All these factors then lead investors to look for ways to “safely” protect their capital as they ride out the potential/expected turbulence until things stabilise once again.