Gold Price Increase Potential !GoldOANDA:XAUUSDPaultrader94Hello dear traders, what do you think about XAUUSD? Yesterday, just as expected, gold experienced an impressive surge. XAUUSD skyrocketed from 3323 USD to 3378 USD, before closing with a gain of over 500 pips in a single session. The recent rise in gold prices has mainly been supported by high expectations of a rate cut in September, following the speech by Jerome Powell, Chairman of the U.S. Federal Reserve, at the Jackson Hole symposium. This speech weakened the USD, making gold (XAUUSD) cheaper and easier to buy compared to other currencies. Technically, the short-term outlook shows the beginning of a new uptrend. Notably, we’re seeing a bullish convergence at the EMA 34 and 89 lines, along with a break of the previous downward trendline — both of which strengthen the current bullish momentum. If there’s a pullback before the next increase, the Fibonacci retracement zone of 0.5–0.618 (which also aligns with resistance levels and the EMA line) will be a key area to watch. This could be an ideal level for potential trade setups. Looking ahead, the next resistance target is around 3380 USD. If this level is broken, gold could head towards the 34XX zone. Do you think XAUUSD will continue to rise? Share your thoughts in the comments below! Wishing you successful trades and profits!