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Gold hits new highs today

Technical Analysis
By Shady Fouad
Gold hits new highs today
0 7

GOLD

الذهب

Gold has broken above the $2650 zone. If prices remain stable above this zone, a further rise is likely, targeting the resistance zone of $2700. This scenario would be invalidated if the support zone of $2660-$2650 is breached during today’s trading.

Support

 2650 2610 2520
Resistance 2700 2750

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Gold has shown positive performance in recent sessions, with its prices rising significantly after a strong surge yesterday. Spot gold contracts recorded a 0.3% increase, reaching $2,657.41 per ounce, reflecting heightened demand for safe-haven assets amid geopolitical tensions and rising global economic risks. Technically, the Relative Strength Index (RSI) indicates that gold is nearing overbought levels, suggesting a potential profit-taking phase soon. However, the overall trend for gold remains bullish, supported by cautious monetary policies from global central banks and the weakening of the US dollar. The continuation of this trend largely depends on developments in global events, particularly concerning financial markets and geopolitical conflicts.

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Shady Fouad

Shady Fouad is a technical analyst at LDN Company
Shady's strategic vision in the currency markets is reinforced by more than fifteen years of trading experience, which enables him to blend economic and technical analyzes with high efficiency, and find the best investment ideas for traders.

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