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October 25, 2021

What Could Make Gold Shoot To $1830 This Week?

Frank Cabibi

10/25/2021

Gold and crypto pairs have been on a tear recently due to several factors and one of them being inflation. Some analysts are calling for a prolonged run in demand for the precious metal and a $3000 per oz price in under a year.

Our outlook

I think that gold has been due for a run to the upside for some time, but price kept getting shut down by mixed economic sentiment and a chugging stock market. The dollar gained lots of demand too when things became very uncertain in the past couple months. Now, the Fed is more clear about when they will taper and raise rates which is starting to give the green light for most gold investors.

Trade Setups

XAUUSD

Price coming up for a second test on resistance around $1812 on the 1D chart. It still seems bullish for the metal now that the pair still sits above the 50 and 200-day moving average. This staircase-like move from the lows of the $1720s suggests another move higher from $1812 to the next resistance level around $1830s.

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