3 min readGOLD (XAU/USD):
As discussed last week, gold’s price action is gaining momentum again! We are currently pushing into new all-time highs, trading above $2,600. This price surge follows the Federal Reserve’s decision last week to cut interest rates by 0.5%. I’ll be closely monitoring how the asset performs during this period of policy change.
Looking more closely at the technicals, you can see a well-defined ascending trendline forming on the daily timeframe. This aligns closely with the 50% Fibonacci level and a former resistance area that has now turned into support. I’ll also be keeping a close eye on the RSI indicator, which has recently crossed the 70% mark, suggesting the price may be overbought at the moment.
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