The Gold market continues its stellar performance this season. In the third quarter of this year (Q3), gold has posted impressive gains of approximately 12.56%. This surge has led to a new all-time high, with the price reaching 2610.0.
XAUUSD’s price action remains distinctly bullish, characterized by consistent higher highs and higher lows. However, a brief period of stagnation occurred from late August into early September due to a reaccumulation phase, during which price consolidation limited upward momentum. This phase has since ended, allowing gold’s upward trajectory to continue.
The 9 and 21-period Moving Averages have provided solid support throughout the rally. Each pullback to these moving averages has triggered renewed buying interest, pushing prices higher. Additionally, the Elder Ray Bull and Bear Power indicator signals continued price strength, indicating the dominance of buyers over sellers.
Gold Short-term Trend: Bullish
On the 4-hour chart, the recent reaccumulation phase is clearly visible, with sideways movement from August 19th to September 13th. The breakout from this consolidation has driven the price to the new high of 2613.0. The Elder Ray Bull and Bear Power indicator continues to show strong bullish dominance, suggesting that the rally is likely to extend further. A move toward 2700.0 is anticipated by forex signals in the short term, with bulls firmly in control of the market.
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