XAU/USD Gold Price Forecast: $2,400 Takes Focus
The price of gold is seen once again trying to test the $2,400 price level in today's trading session.Gold still remains intact as the best "safe-heaven" asset in times of uncertainty and geopolitical pressure."Hawkish" statements issued by Fed chairman Powell earlier this week and Fed Loretta Mester yesterday are seen to have a "buying deep" impact on the gold market.The uncertainty of the geopolitical situation that is happening in the Middle East continues to provide demand for the gold market.Technical AnalysisBased on the 4-hour chart (4-Hours Time Frame), the price of gold traded on the 4-hour chart needs to close below the price level of $2,360 for gold to continue trading low until the level of $2,324.But following the surge in demand for gold at the $2,350 price level yesterday, gold is expected to test the $2,400 level.If the level is successfully broken, $2,432 and $2,450 will be reached.
The price of gold is seen once again trying to test the $2,400 price level in today's trading session.
Gold still remains intact as the best "safe-heaven" asset in times of uncertainty and geopolitical pressure.
"Hawkish" statements issued by Fed chairman Powell earlier this week and Fed Loretta Mester yesterday are seen to have a "buying deep" impact on the gold market.
The uncertainty of the geopolitical situation that is happening in the Middle East continues to provide demand for the gold market.
Technical Analysis
Based on the 4-hour chart (4-Hours Time Frame), the price of gold traded on the 4-hour chart needs to close below the price level of $2,360 for gold to continue trading low until the level of $2,324.
But following the surge in demand for gold at the $2,350 price level yesterday, gold is expected to test the $2,400 level.
If the level is successfully broken, $2,432 and $2,450 will be reached.
