FOREX Chart Of The Day: GOLD Breaks Higher

#GOLD has remained bullish and with the USD turning bearish the price has broken into new highs. Could this offer long opportunities?

Watch the video to learn more…

Gold Breaks Higher

The price of Gold continues to rally higher as the USD turns bearish. Due to the rising inflation globally investors have looked to Gold in order to hedge their portfolios. This typically happens in times of economic uncertainty. 

The price on the weekly chart shows the price is moving higher and heading towards major resistance around $1870.00. Looking at the daily time frame we can see that the price formed a reversal set up before rallying higher. If the price retests this zone of interest we could look for long opportunities in line with the trend.

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About The Author

Jonathan Kibbler

Jon Kibbler, our Senior Market Analyst, boasts over a decade of trading experience. He specializes in dissecting the intricacies of financial markets and sharing his expertise with precision. Jon’s insights have been featured at renowned events and platforms like Coindex, Forex Analytix, and Forex.com.

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