-11122024742.png)
-11122024742.png)
Gold's opportunities for growth
Gold's opportunities for growth
Gold has been in an uptrend since the beginning of March, and the rally accelerated as gold hit new highs at the end of last week, when the spot price hit a new record of $3057. We see this breakout as the start of a new expansionary momentum with an upside potential of $3180/oz, which represents 161.8% of the upside momentum from the start of the year to the February peak.
The alternative view is also bullish. According to it, gold has completed a correction since the beginning of the year, following the rally from October 2023 to November 2024. The bulls are now targeting the level of $3400 an ounce. This seems like the bulls' target for the coming months. However, we should not lose sight of the fact that the current rally in gold is accumulating extreme overbought conditions on both the daily and weekly timeframes.
This disposition leaves room for sharp rallies in the near term on a short squeeze, i.e. liquidation of short positions. However, the pause in growth may well be followed by a broad correction, which we will be sure to report on in the future.
By the FxPro Analyst Team
Frank entered the turbulence zone, ball on the side of the SNB
US 500, USDCAD, GBPUSD
The crypto market is hesitant to rewrite its highs until the Fed
Risk sentiment on the mend as investors gear up for Fed decision
Gold in Turmoil: All Eyes on the Fed By RoboForex Analytical Department
EBC Markets Briefing | Chinese yuan steadies despite weak data
Markets Steady Ahead of Fed: Silver Shines, Oil Edges Up, Majors Hold Gains | 15th September 2025
