#GoldHits$4700EndingSixMonthCorrection
Gold Hits $4,700 as Six-Month Correction Ends
Gold has staged a powerful recovery, with December COMEX futures moving above $4,700 for the first time in more than three months. Spot gold was around $4,643.95 on August 24 after rising roughly 17% from its July low. �
Mitrade +1
The move marks a potential end to the six-month correction that began after gold reached a record near $5,598 in January. Technical indicators have turned more bullish, with gold reclaiming its 20-week moving average and breaking above key Fibonacci resistance. �
Mitrade
The rally has been supported by a weaker U.S. dollar, concerns over U.S. fiscal conditions, and continued central-bank demand. Central banks purchased 289 tonnes of gold in Q2, up 62% year over year. �
BeInCrypto
With the $4,700 level now in focus, traders will watch whether gold can sustain the breakout. A decisive move above this resistance could strengthen expectations for another leg higher, although inflation, interest-rate risks, and profit-taking remain potential obstacles. �$AAPLB $GOOGL.US
Gold Hits $4,700 as Six-Month Correction Ends
Gold has staged a powerful recovery, with December COMEX futures moving above $4,700 for the first time in more than three months. Spot gold was around $4,643.95 on August 24 after rising roughly 17% from its July low. �
Mitrade +1
The move marks a potential end to the six-month correction that began after gold reached a record near $5,598 in January. Technical indicators have turned more bullish, with gold reclaiming its 20-week moving average and breaking above key Fibonacci resistance. �
Mitrade
The rally has been supported by a weaker U.S. dollar, concerns over U.S. fiscal conditions, and continued central-bank demand. Central banks purchased 289 tonnes of gold in Q2, up 62% year over year. �
BeInCrypto
With the $4,700 level now in focus, traders will watch whether gold can sustain the breakout. A decisive move above this resistance could strengthen expectations for another leg higher, although inflation, interest-rate risks, and profit-taking remain potential obstacles. �$AAPLB $GOOGL.US