Gold price continues to increase, expected to reach 2223

In the first US session on Wednesday, the price of gold (XAU/USD) surged to a new peak of $2,197, rebounding from a downturn in the previous session and following a dip on Monday to as low as $2,163. This fluctuation indicates an upcoming bullish trend for gold, with forecasts suggesting a continuation towards $2,223. Technical indicators also affirm this uptrend, reflecting positive momentum and aligning with the dominance of the bulls.

Comment:

As I predicted, the price of gold has risen to 2215, breaking through my resistance level at 2197 and even surpassing the next resistance level at 2211. Currently, the market is favoring the buying side. However, whether the gold price will continue to rise remains a factor worth considering, especially given the volatility in the current market.