-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
Risk appetite improves on first trade deal, US-Sino talks in focus
EBC's Million Dollar Trading Challenge II | Record-Breaking Week as Traders Race Past $300,000 in Profits
USDCAD pivots higher: Is this rebound sustainable?
A sharp crypto market awakening
SP500 Analysis: Cautious on Danger Approaching
5 Key Reasons Why EBC’s Partnership with IUU Is a Game Changer for Mongolia’s Financial Growth
Powell supported the dollar through the rate
