The Gold price is experiencing a strong bullish rally as Q3 comes to an end. It has reached its all-time high, gaining an impressive 29.09% in 2024. The price is now approaching the key psychological level of 2700.00.
The long-term outlook for the Gold market has turned decisively bullish after a period of consolidation between May and July, where the price fluctuated within the 2300.0 to 2430.0 range. In September, the market broke out of this range, triggering an impulsive move upward. This bullish momentum, confirmed by the Momentum indicator, has surpassed the levels seen during the earlier consolidation phase.
The Moving Average within the Bollinger Bands acted as support during the uptrend, but mid-September brought a surge in volatility. This spike pushed the price significantly higher, further affirming the bullish outlook for the market.
Gold Short-term Trend: Bullish
On lower timeframes, the market structure continues to support a bullish trend. The rapid ascent has left several Fair Value Gaps, offering a premium environment for traders to follow the uptrend. As Gold nears the 2700.0 supply zone, these gaps create enticing opportunities for those seeking to capitalize on the ongoing bullish momentum, as reflected in current forex signals.
Note: Learn2.trade is not a financial advisor. Do your research before investing your funds in any financial asset, product, or event. We are not responsible for your investment results.
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