Gold (XAUUSD) surges, rising above 2,700 USD

The XAUUSD price continues its upward rally, reaching a new all-time high of 2,714 USD today. The next growth target could be the 2,750 USD level. Our XAUUSD analysis for today, 18 October 2024, provides more details and insights.

XAUUSD forecast: key trading points

• Market focus: gold has surpassed its previous all-time high of 2,685 USD
• Current trend: trading in an uptrend
• XAUUSD forecast for 18 October 2024: 2,750 and 2,685

Fundamental analysis

XAUUSD quotes continue to rise steadily after receiving strong support from buyers and surpassing the 2,685 USD high. Fundamental factors support gold’s growth, and there are no signs of the upward movement ending yet.

The primary drivers of gold’s growth are demand from global central banks and investors, expectations of further rate cuts by the US Federal Reserve rate, geopolitical tensions in the Middle East, and the upcoming US presidential elections.

XAUUSD technical analysis

Gold rises steadily within an uptrend after a bullish engulfing candlestick reversal pattern formed on the daily chart last week. The quotes are now trading around 2,705 USD, with strong upward momentum continuing.

The short-term XAUUSD price forecast suggests that the price could fall to 2,665 USD if bears push the quotes back below the 2,685 USD support level. If bulls surpass the high of 2,714 USD and drive the price further up, it could approach 2,750 USD in the short term.

Summary

Gold (XAUUSD) prices continue their upward surge within the uptrend, reaching a new all-time high of 2,714 USD.