Gold (GOLD) will likely remain in focus this week after climbing to a 澳洲幸运5官方开奖结果体彩网:record high above $2,700 on Friday, with 澳洲幸运5官方开奖结果体彩网:the commodity opening above this closely watched leve🌳ಞl on Sunday evening.

The yellow metal, which has posted four consecutive days in the green through Friday’s close, has received a boost in recent trading sessions from escalating tensions in the Middle East, uncertainties surrounding the upcoming U.S. presidential election, and expectations of further 澳洲幸运5官方开奖结果体彩网:interest rate cuts before the end of the year. 

Typically, investors flock to the 澳洲幸运5官方开奖结果体彩网:safe-haven asset during pe🐽riods of geopolitical uncertainty, while lower rates reduce the opportunity cost of holding the metal, making it more attractive as a store of value.

Below, we take a closer look at the 澳洲幸运5官方开奖结果体彩网:technicals on t෴he gold chart and point out important price levels to watch out for.

Bullish Uptrend Continues

The price of gold staged a decisive breakout from an 澳洲幸运5官方开奖结果体彩网:ascending triangle in mid-August before cont🐻inuing its sharp trend higher in recent months.

The 澳洲幸运5官方开奖结果体彩网:relative strength index (RSI) confirms bullish price momentum in the commodity, with a reading above the 70 threshold, but also cautions of 澳洲幸运5官方开奖结果体彩网:overbought conditions that increases the chances of short-term 澳洲幸运5官方开奖结果体彩网:pullbacks.

Let’s look at a chart-based upside 澳洲幸运5官方开奖结果体彩网:price target and also identify important 澳洲幸运5官方开奖结果体彩网:support levels that investors will likely be eyeing.

Upside Price Target to Monitor

To forecast where gold’s current upward trend may be headed, we can use a bars pattern. Thi𝐆s chart technique uses historical trends on the chart to predict future price moves.

In this case, we’ll take the commodity’s trending move higher from February to April as it commenced from the lower trendline of an ascending triangle, similar to how gold’s current uptrend started, and reposition it from the August low. Such a technique projects a price target of around $2,890 an ounce, an area where investors may look to 澳洲幸运5官方开奖结果体彩网:lock in profits.

Key Support Levels to Watch

Upon an initial dip, investors should keep an eye on the $2,605 level, a location on the chart where gold’s price may encounter support near the October pullback low. This region also sits in close proximity to the upward sloping 澳洲幸运5官方开奖结果体彩网:50-day moving average.

A 澳洲幸运5官方开奖结果体彩网:breakdown below this level opens the door for a retest of support around $2,530, where the commodity may attract buying interest near a period of 澳洲幸运5官方开奖结果体彩网:consolidation within the uptrend between late August and early Sep🐠tember.

A 澳洲幸运5官方开奖结果体彩网:correction could see the yellow metal fall to the $2,430 region. Investors may look for 澳洲幸运5官方开奖结果体彩网:entry points in this area around the ascending triangle’s upper trendline, which could flip from providing prior 澳洲幸运5官方开奖结果体彩网:resistance into offering future support.

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