Gold has surged over the last two trading sessions, elevating 30-day gold volatility in the process. Central bank demand for the precious metal is expected to continue in 2024
Lower interest rates help to make the non-interest bearing metal more attractive and tends to result in higher gold prices. Of course, the safe haven attraction of gold should not be dismissed, as major conflicts in eastern Europe and the Middle East drag on. However, equity markets point to positive risk sentiment for the time being as major indices achieve all-time highs, effectively lessening the degree to which gold's safe haven appeal is assisting to prop up prices.
Gold has broken out of the prior downtrend where we witnessed lower highs and lower lows, although, the majority of price action traded sideways throughout a large period during that time. The $2050 proved to be a level of importance, representing a key psychological level which also coincided with trendline resistance. Supported by the 50-day simple moving average, XAU/has powered ahead and has not looked like stopping. The RSI has entered into deeply overbought territory but gold prices have shown little intention of a pullback. $2082 presents the next level of support with the new all-time high of $2146.80 in focus as resistance.
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