10.24 Can gold reach a high level?
On Thursday (October 24), gold prices partially recovered, continuing the previous upward momentum. After a brief correction on Wednesday, spot gold once again broke through the $2736-2737/ounce area, and then narrowed its gains to 0.66%. It is currently trading around $2733, up about 18/ounce on the day. Thanks to the weakening of the US dollar and the decline in US bond yields. In addition, the uncertainty in the Middle East and US politics has also increased the market's demand for safe-haven assets, further boosting the attractiveness of gold.
From a technical perspective, there is a certain downward pressure on the short-term trend of gold prices. According to the technical chart, the upward trend line of gold was broken on Wednesday, indicating that the market may have a further correction in the short term. If gold prices cannot remain above the support of the $2730-2732 range, they may face greater downward pressure. The first target is the $2700 mark. If it falls below this level, the next step will test the intermediate support of $2685, and may even fall to around $2670.
If gold can hold the key support level of $2,730 and successfully break through the recent resistance level of $2,750, the market will re-enter the upward channel. At that time, the price of gold is expected to challenge the high point of the $2,770-2,775 range again, and may even further attack the psychological barrier of $2,800.
In terms of technical indicators, the oscillator on the hourly chart shows a certain callback signal, indicating that there are still opportunities for short sellers in the short term. However, given the current geopolitical and macroeconomic uncertainties, the strength of short sellers may be limited.
From a technical perspective, there is a certain downward pressure on the short-term trend of gold prices. According to the technical chart, the upward trend line of gold was broken on Wednesday, indicating that the market may have a further correction in the short term. If gold prices cannot remain above the support of the $2730-2732 range, they may face greater downward pressure. The first target is the $2700 mark. If it falls below this level, the next step will test the intermediate support of $2685, and may even fall to around $2670.
If gold can hold the key support level of $2,730 and successfully break through the recent resistance level of $2,750, the market will re-enter the upward channel. At that time, the price of gold is expected to challenge the high point of the $2,770-2,775 range again, and may even further attack the psychological barrier of $2,800.
In terms of technical indicators, the oscillator on the hourly chart shows a certain callback signal, indicating that there are still opportunities for short sellers in the short term. However, given the current geopolitical and macroeconomic uncertainties, the strength of short sellers may be limited.
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