XAUUSD continues to rise, breaking all previous records

Adam Button, Head of Currency Strategy at Forexlive, believes that with the ECB and FED in opposing positions, demand for gold in Europe may increase. If gold demand increases in the US, that is when the USD price turns around.

In general: Gold's position is currently consolidated, possibly in the long term. We are having the strongest liquidity moment in history. As long as gold prices increase, cash flow will continue to pour into gold. When Europe weakens, gold will be sought.

Current resistance is 2400 -2405 USD. In the event that gold continues to hold on to its high levels, Gold could test previous breakout resistance as part of a correction, but on the basis of high interest in gold as an asset. As a hedge against the backdrop of geopolitical and economic issues, gold could theoretically continue to grow.

Apr 12
Comment:
Gold prices (XAU/USD) built on the recent breakout and climbed to the vicinity of $2,400, or a new all-time high during the early European trading session on Friday.

Apr 12
Comment:
Meanwhile, bulls appear unaffected by continued strong buying in the US Dollar (USD), underpinned by expectations that the Federal Reserve (Fed) may keep interest rates higher in the meantime. over longer periods of time, this tends to weaken Gold prices unprofitably. Even the generally positive tone in the stock market did not hinder the positive move, suggesting that the path of least resistance for XAU/USD is to the upside, although overbought conditions could limit limit the increase.

Gold price tests $2,400 for the first time on record, scaling new lifetime highs amid persistent geopolitical tensions. The upsurge seems unaffected by reduced Fed rate cut bets and bullish USD. Extremely overbought conditions might prompt some profit-taking around the metal.

（Source from: TV-James-Bennett）