XAUUSD, BTCUSD, and ARSENAL : On the Brink of All-Time Highs – A Tale of Price Surges and Market Drama

Did you hear about Arsenal’s spectacular win against Sheffield United yesterday? They scored a whopping 6 goals while Sheffield United couldn’t find the back of the net at all! This puts Arsenal within striking distance of their all-time highest number of goals scored in a single match, with memorable matches like Arsenal 12-0 against Ashford United in October 1893 and Arsenal 12-0 against Loughborough in March 1900.

And speaking of striking distances, Bitcoin is currently hovering around $67,700, inching closer and closer to it’s all-time high of around $69,000, last seen at the end of 2021. Meanwhile, XAUUSD is also in the spotlight, with its current price around $2,117.00, just a stone’s throw away from it’s all-time high closing price of $2,135.39, last seen in December 2023. Looks like we’re in for some thrilling highs across the board.

Gold ( XAUUSD ) is close to reaching its highest price ever. This is because many things are happening in the world that make people worried about their money. The price of gold has gone up to over $2,100 for every Troy ounce , and it might reach $2,135.39, which is its highest price ever. People are buying gold because they think the U.S. might decide to lower the interest rates soon, which usually makes gold more valuable. Many investors, about 60%, believe the U.S. will lower interest rates in June. When interest rates are low, things like gold become more popular because they don’t earn interest, but they also don’t lose value when interest rates fall.

Gold is not only popular because it’s safe during tough times, but also because many people like to include it in their investment plans. The demand for gold changes based on what’s happening around the world. Right now, there are a lot of problems in different parts of the world, like the U.S. election and conflicts in places like Ukraine and Gaza, which is making people want gold more. Also, many central banks and investors in Asia are buying a lot of gold, which helps keep its price high. When central banks buy a lot of gold, it helps balance out when other investors sell their gold to make a profit.

Based on technical analysis using the 1-hour chart of XAUUSD, the price has been in an uptrend since March 1, 2024, breaking out of its 2024 sideways channel. A trendline drawn from $2045.88 acted as resistance, rejecting the price at $2080.77 after a retracement from the uptrend. Subsequently, the price continued its upward movement to $2119.79 before experiencing a minor retracement, currently trading around $2117.17.

If the price breaks below the trendline, there is a strong likelihood of further downward movement. Conversely, if the price breaks above the resistance at $2119.79, there is a high probability of further upward movement.