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Technical analysis

17.10.202410:09 Forex Analysis & Reviews: XAU/USD: Is There Growth Potential for Gold Prices?

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Gold prices have managed to break through the strong resistance level of 2672.85, where they had been consolidating since the end of September. Neither historically high prices nor strengthening the U.S. dollar could hold them back. The main reason for sustained demand for the yellow metal continues to be high geopolitical risks in the Middle East and Europe and the evident weakening of U.S. hegemony and, consequently, the dollar globally. Against this backdrop, central banks continue buying physical gold, driving prices upward.

It is pretty likely that after breaking through the 2672.85 level, the price will correct towards it, consolidate, and resume growth soon.

Technical Outlook and Trade Idea:

Exchange Rates 17.10.2024 analysis

The price is above the middle line of the Bollinger Bands, above the SMA 5 and SMA 14. The RSI is turning downward from the overbought zone, while Stochastics are still rising.

A possible corrective pullback to the 2672.85 level could be seen by the markets as a signal for new buying opportunities. In this scenario, prices could rise toward 2700.00.

Pati Gani
Analytical expert of InstaForex
© 2007-2025

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