Gold (XAUUSD) strengthens, closing last week above 2,700 USD

XAUUSD price continues its upward rally, hitting new all-time highs daily. The next target for growth could be the 2,750 USD level. Find out more in our XAUUSD analysis for today, 21 October 2024.

XAUUSD forecast: key trading points

• Market focus: gold has confidently held above 2,700 USD
• Current trend: trading in an uptrend
• XAUUSD forecast for 21 October 2024: 2,750 and 2,700

Fundamental analysis

XAUUSD prices continue to strengthen actively, consolidating above the psychologically important level of 2,700 USD at the end of last week. Fundamental factors support gold’s growth, and there are no signs of a downward reversal yet.

Gold is currently trading around 2,730 USD with the potential to continue its ascent, supported by expectations of further Federal Reserve monetary policy easing, demand from central banks and investors, and geopolitical tensions in the Middle East.

XAUUSD technical analysis

Gold remains in upward momentum after a bullish engulfing candlestick reversal pattern formed around 2,600 USD on the daily chart last week. The quotes are now trading around 2,730 USD, and strong upward momentum is likely to continue.

The short-term XAUUSD price forecast suggests that the price could decline to 2,685 USD if bears push the quotes back below the 2,700 USD support level. If bulls surpass the high of 2,733 USD and drive the price further up, it could approach 2,750 USD in the short term.

Summary

Gold (XAUUSD) continues to surge within the uptrend, reaching another all-time high of 2,733 USD today.