Is The Gold Rally Over? | In The Trading Zone

🌟 Gold’s Rally to $2192: Just the Beginning or the End? Discover the factors driving gold’s impressive ascent and what the future may hold.💰✨ #Gold #Forex #Trading

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Is the Gold Bull Run Over?

This week, the precious metal rallied to a high of $2192, spurred by a confluence of geopolitical events and economic policies. But the question on every investor’s mind is: has the gold bull run reached its peak, or is there more room for growth?

The rally in gold prices was initially triggered by a surge in haven buying, following the Hamas attack on Israel. This geopolitical unrest understandably drove investors towards traditionally safe assets, with gold being a prime choice. The rally gained further momentum with the prospect of a looser monetary policy in the United States. Federal Reserve Chairman Powell’s recent comments have been a critical catalyst in this upward trend.

A key indicator to watch is the Commitment of Traders (COT) report. This report reveals the positioning of traders in the futures market, which can provide insights into market trends and potential future movements. The current COT report suggests that there is still room for further upside in gold prices. Traders seem to be betting on continued growth, indicating that the bull run may not be over yet.

GOLD

The price on the chart has traded through multiple technical levels and some observations included:

• Gold price reached highs of $2192.00, after comments from Fed Chair Powell.
• Price currently trading around $2010.00, a break of the newly formed H1 highs of $2040.00 would be ideal to see price move higher. 

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About The Author

Jonathan Kibbler

Jon Kibbler, our Senior Market Analyst, boasts over a decade of trading experience. He specializes in dissecting the intricacies of financial markets and sharing his expertise with precision. Jon’s insights have been featured at renowned events and platforms like Coindex, Forex Analytix, and Forex.com.

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