Kitonyi stated that last Friday, the price of gold surged to a historic high of $2500 per ounce. Currently, on the 60-minute chart, the gold price is in a rapid ascending channel and has broken through the 100-hour moving average, entering the overbought region of the 14-hour Relative Strength Index (RSI). Driven by expectations of a Federal Reserve rate cut, spot gold surged by $50.86 last Friday, closing at $2507.33 per ounce, up 2.07%, and hit an all-time high of $2509.75 per ounce.
Independent metal trader Tai Wong indicated that after surpassing $2500 per ounce, the market's focus will shift to the Jackson Hole Symposium and remarks by Federal Reserve Chairman Powell, seeking details on the anticipated rate cuts.
FXStreet analyst Eren Sengezer believes that U.S. macroeconomic data and Powell's speech may influence gold's next movement. In the short term, Kitonyi predicts that gold will continue to rise in its overbought state, with target prices of $2510 per ounce or higher at $2521 per ounce. Conversely, bears may profit when the gold price falls to $2486 per ounce or lower at $2475 per ounce.
In the long term, Kitonyi believes that the gold price will further rise within the ascending channel, with bullish targets potentially at $2556 per ounce or higher at $2609 per ounce, while bears might take profit if the price drops to $2438 per ounce or lower at $2378 per ounce.
As of 08:08 Beijing time, spot gold is reported at $2505.75 per ounce.
