Gold (XAU/USD) medium-term & major trends as of 22 Oct 2024 (Source: TradingView)
Kelvin Kwong from OANDA:
“Medium-term upside momentum remains intact for gold.
Watch the $US2590 key medium-term pivotal support for the potential continuation of the impulsive up move sequence for the next medium-term resistances to come in at $US2,850/886 and $US2,933 (also the upper boundary of the medium-term ascending channel from 15 February 2024 low).
On the flipside, failure to hold at US$2,590 negates the bullish tone for a multi-week correction sequence to unfold” within its major uptrend phase to expose the next medium-term supports at US$2,484 and US$2,360 (also the 200-day moving average).
SPR Price at posting:
$1.63 Sentiment: None Disclosure: Held
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