This morning, gold prices continued to surge to the 416x area, breaking through the strong resistance zone at 4147$/ounce.
The main driver behind this strong rally comes from investors’ increasing expectations of a rate cut, which rose sharply yesterday, with more than 80% supporting another Fed rate cut in December.
In addition, President Zelensky has stated that Ukraine has not fully accepted the U.S. peace proposal and will require further negotiations — meaning the Russia–Ukraine conflict remains unresolved.
Therefore, in the short term, gold prices may continue to rise as the situation remains unstable and the demand for gold from investors and banks has not cooled down.
Technical analysis:
In the short term, consider BUYING gold at the two retracement zones:
1: The 411x zone
2: The Fibonacci 0.5 – 0.618 zone at 413x
Trí Hùng
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