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XAUUSD – 22 Oct 2024

XAUUSD 22 Oct 2024

On the daily timeframe, XAUUSD (gold) looks to be in a strong bullish trend. Gold prices have been steadily strengthening since the beginning of the month and managed to reach 2731.93. Although market volatility briefly triggered a trend reversal, the dominant bullish trend continues to direct prices upwards. However, it should be noted that the stochastic indicator is showing overbought conditions, with the chart above the 80 level, signaling a possible trend reversal in the near future. Even so, with the bullish trend still dominant, the strengthening of gold prices may continue. Traders should still be wary of reversal signals and consider other indicators before making trading decisions.

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