Gold Climbs to New Record Levels
Today’s charts show XAU/USD reaching unprecedented highs. Reports suggest that gold is being sought as a secure-haven asset amid mounting uncertainty, which has been heightened by the ongoing U.S. government shutdown. At the identical time:
→ could push above $3,950 in the near term, edging closer to the psychologically significant $4,000 mark. The chart highlights the clear strength of demand in the current market.
XAU/USD Technical Overview
A review of gold’s price movements indicates the development of an upward channel that has been in place since mid-September.
On 30 September (when the price reached point A), we observed:
→ a sharp decline signalling strong bearish sentiment;
→ a potential correction towards $3,800, as bullish momentum appeared depleted, suggesting the need for consolidation before any further advance and the possible formation of a “bull flag” pattern.
Indeed, the price tested the $3,800 level shortly therelater than (indicated by the arrow), later than which bulls regained control. However, instead of forming a new “bull flag”, the chart displayed three peaks resembling a “head and shoulders” pattern (A–B–C), which did not result in a reversal. This failed bearish pattern reinforced the bulls’ dominance in the gold market today.
From a bullish standpoint, the price has broken decisively above $3,900, overcoming a local resistance level (marked in red) and the median of the ascending channel.
That said, the price is now nearing the upper channel boundary, while the RSI has entered overbought territory.
If market sentiment remains largely unchanged, bulls could attempt to test the $3,950 level. However, such a move may increase the risk of a pullback, with the channel’s median likely serving as the next support target for tradeers.
offers spreads from 0.0 pips and commissions from $1.50 per lot. Enjoy trading on MT4, MT5, TickTrader or TradingView trading platforms!
The is a dedicated mobile application designed to give traders full control of their accounts anytime, anywhere.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
Disclaimer: This sponsored market analysis is provided for informational purposes only. We have not independently verified its content and do not bear any responsibility for any information or description of services that it may contain. Information contained in this post is not advice nor a recommendation and thus should not be treated as such. We strongly recommend that you viewk independent financial advice from a qualified and regulated professional, before participating or investing in any financial activities or services. Please also read and review
