{"id":670630,"date":"2025-11-07T12:16:30","date_gmt":"2025-11-07T11:16:30","guid":{"rendered":"https:\/\/ftmo.com\/whats-next-for-gold-technical-and-fundamental-outlook-for-2025\/"},"modified":"2025-11-07T15:20:03","modified_gmt":"2025-11-07T14:20:03","slug":"co-ceka-zlato-dal-technicky-a-fundamentalni-vyhled","status":"publish","type":"post","link":"https:\/\/ftmo.com\/cs\/co-ceka-zlato-dal-technicky-a-fundamentalni-vyhled\/","title":{"rendered":"Co \u010dek\u00e1 zlato d\u00e1l? Technick\u00fd a fundament\u00e1ln\u00ed v\u00fdhled"},"content":{"rendered":"

Zlato proch\u00e1z\u00ed jednou z nejsiln\u011bj\u0161\u00edch b\u00fd\u010d\u00edch f\u00e1z\u00ed v ned\u00e1vn\u00e9 historii. Od za\u010d\u00e1tku roku jeho cena vzrostla o v\u00edce ne\u017e 50 %<\/strong> a dos\u00e1hla nov\u00e9ho historick\u00e9ho maxima kolem 4 382 $<\/strong> za trojskou unci<\/strong>.<\/em><\/p>\n

Tento v\u00fdrazn\u00fd r\u016fst p\u0159it\u00e1hl pozornost obchodn\u00edk\u016f a investor\u016f po cel\u00e9m sv\u011bt\u011b. Odr\u00e1\u017e\u00ed nejen tr\u017en\u00ed dynamiku, ale i \u0161ir\u0161\u00ed zm\u011bny v glob\u00e1ln\u00ed ekonomice, m\u011bnov\u00e9 politice a d\u016fv\u011b\u0159e ve fiat m\u011bny. Pod\u00edvejme se na kl\u00ed\u010dov\u00e9 faktory, kter\u00e9 tento r\u016fst poh\u00e1n\u011bj\u00ed, jak fundament\u00e1ln\u00ed faktory ovlivnily trh a co n\u00e1m grafy nazna\u010duj\u00ed pro nadch\u00e1zej\u00edc\u00ed m\u011bs\u00edce.<\/em><\/p>\n

\"ftmo<\/a><\/p>\n

Pro\u010d zlato st\u00e1le roste: hlavn\u00ed fundamenty<\/h2>\n

1. M\u011bnov\u00e1 politika Feder\u00e1ln\u00edho rezervn\u00edho syst\u00e9mu (Fed)<\/h3>\n

Dne 30. \u0159\u00edjna americk\u00fd Fed<\/strong> ozn\u00e1mil druh\u00e9 sn\u00ed\u017een\u00ed \u00farokov\u00fdch sazeb v tomto roce, z 4,25 % na 4 %. Tento krok znamenal jasn\u00fd posun sm\u011brem k uvoln\u011bn\u011bj\u0161\u00ed politice. Ni\u017e\u0161\u00ed \u00farokov\u00e9 sazby sni\u017euj\u00ed re\u00e1ln\u00e9 v\u00fdnosy, co\u017e zvy\u0161uje atraktivitu zlata jako aktiva, kter\u00e9 nenese \u00farok. Historicky podobn\u00e9 cykly podporovaly r\u016fst zlata, proto\u017ee investo\u0159i hledali ochranu p\u0159ed oslabuj\u00edc\u00edm dolarem.<\/p>\n

2. Obchodn\u00ed nap\u011bt\u00ed mezi USA a \u010c\u00ednou<\/h3>\n

Obchodn\u00ed nap\u011bt\u00ed mezi Washingtonem a Pekingem se znovu vyost\u0159ilo. Nov\u00e1 cla na \u010d\u00ednsk\u00e9 produkty a \u010d\u00ednsk\u00e1 odvetn\u00e1 opat\u0159en\u00ed vyvolala obavy o glob\u00e1ln\u00ed r\u016fst. Kdy\u017e se trhy st\u00e1vaj\u00ed nejist\u00fdmi, investo\u0159i obvykle p\u0159esouvaj\u00ed kapit\u00e1l do bezpe\u010dn\u00fdch aktiv. Zlato slou\u017e\u00ed nejen jako uchovatel hodnoty, ale tak\u00e9 jako ukazatel d\u016fv\u011bry ve stabilitu sv\u011btov\u00e9 ekonomiky.<\/p>\n

3. Slab\u0161\u00ed americk\u00fd dolar<\/h3>\n

Index americk\u00e9ho dolaru<\/strong> klesl na nejni\u017e\u0161\u00ed \u00farove\u0148 od roku 2022. Slab\u0161\u00ed dolar \u010din\u00ed zlato dostupn\u011bj\u0161\u00edm pro zahrani\u010dn\u00ed kupce a zvy\u0161uje celkovou popt\u00e1vku. Tento efekt je je\u0161t\u011b v\u00fdrazn\u011bj\u0161\u00ed v kombinaci s ni\u017e\u0161\u00edmi \u00farokov\u00fdmi sazbami, \u010d\u00edm\u017e vznikaj\u00ed p\u0159\u00edzniv\u00e9 podm\u00ednky pro dal\u0161\u00ed r\u016fst ceny zlata.<\/p>\n

4. N\u00e1kupy zlata centr\u00e1ln\u00edmi bankami<\/h3>\n

Centr\u00e1ln\u00ed banky pokra\u010duj\u00ed v navy\u0161ov\u00e1n\u00ed sv\u00fdch zlat\u00fdch rezerv rekordn\u00edm tempem. V prvn\u00ed polovin\u011b roku 2025 zv\u00fd\u0161ily objem dr\u017een\u00e9ho zlata o v\u00edce ne\u017e 400 tun.\u00a0<\/strong>Nejv\u00edce nakupovaly \u010c\u00edna, Indie a Turecko. Tento posun sm\u011brem k diverzifikaci mimo dolar posiluje postaven\u00ed zlata jako strategick\u00e9ho rezervn\u00edho aktiva a p\u0159in\u00e1\u0161\u00ed trhu dlouhodobou stabilitu.<\/p>\n

Ztr\u00e1c\u00ed zlat\u00e1 rally dynamiku?<\/h2>\n

Po s\u00e9rii siln\u00fdch fundament\u00e1ln\u00edch impuls\u016f dos\u00e1hlo zlato v \u0159\u00edjnu historick\u00e9ho maxima<\/strong>, ne\u017e zaznamenalo nejprud\u0161\u00ed jednodenn\u00ed pokles za posledn\u00ed \u010dty\u0159i roky<\/strong>. Pro mnoh\u00e9 obchodn\u00edky to bylo p\u0159ekvapen\u00ed, ale z technick\u00e9ho hlediska \u0161lo o zdravou korekci po prudk\u00e9m r\u016fstu.<\/p>\n

Ot\u00e1zkou nyn\u00ed je, zda jde pouze o kr\u00e1tkou pauzu, nebo o za\u010d\u00e1tek hlub\u0161\u00ed zm\u011bny trendu. V n\u00e1sleduj\u00edc\u00edch seanc\u00edch zlato d\u00e1le oslabovalo a uzav\u0159elo pod kl\u00ed\u010dovou z\u00f3nou podpory. Tr\u017en\u00ed struktura se zm\u011bnila z b\u00fd\u010d\u00ed na kr\u00e1tkodob\u011b medv\u011bd\u00ed, co\u017e nazna\u010duje \u00fanavu kupuj\u00edc\u00edch.<\/p>\n

\"\"<\/a><\/p>\n

Technick\u00fd v\u00fdhled<\/h2>\n

Pro vyhodnocen\u00ed aktu\u00e1ln\u00edho trendu byla pou\u017eita kombinace indik\u00e1tor\u016f Fair Value Gap (FVG)<\/strong>, Exponential Moving Averages (EMA 20 a EMA 50)<\/strong> a Ranged Volume Profile<\/strong>. Tyto ukazatele spole\u010dn\u011b odhaluj\u00ed jak momentum, tak rovnov\u00e1hu mezi objemem a cenou.<\/p>\n

\u2022 Fair Value Gap (FVG)<\/strong>
FVG zv\u00fdraz\u0148uje nevypln\u011bn\u00e9 cenov\u00e9 oblasti, kter\u00e9 \u010dasto p\u0159itahuj\u00ed cenu. Tyto z\u00f3ny p\u0159edstavuj\u00ed d\u016fle\u017eit\u00e9 \u00farovn\u011b, kde se m\u016f\u017ee zlato znovu zastavit nebo odrazit.<\/p>\n

\u2022 Exponenci\u00e1ln\u00ed klouzav\u00e9 pr\u016fm\u011bry (EMA 20 a EMA 50)<\/strong>
EMA 20 odr\u00e1\u017e\u00ed kr\u00e1tkodob\u00fd sentiment, zat\u00edmco EMA 50 p\u0159edstavuje st\u0159edn\u011bdob\u00fd trend. Pokud je EMA 20 nad cenou, nazna\u010duje kr\u00e1tkodob\u00e9 b\u00fd\u010d\u00ed momentum. Pokud je pod cenou, signalizuje medv\u011bd\u00ed tlak. EMA 50 ur\u010duje dlouhodob\u00e9 nastaven\u00ed trhu.<\/p>\n

\u2022 Ranged Volume Profile<\/strong>
Tento indik\u00e1tor ukazuje, kde je soust\u0159ed\u011bno nejv\u00edce obchodn\u00edho objemu, a t\u00edm odhaluje oblasti siln\u00e9ho z\u00e1jmu. Obvykle se tyto z\u00f3ny shoduj\u00ed s kl\u00ed\u010dov\u00fdmi \u00farovn\u011bmi podpory nebo rezistence.<\/p>\n

\"FTMO<\/a><\/p>\n

Kl\u00ed\u010dov\u00e9 \u00farovn\u011b podpory a rezistence<\/h3>\n

Z\u00f3ny rezistence<\/strong><\/p>\n

\u2022 4 217 a\u017e 4 382 USD: oblast historick\u00e9ho maxima, kde se vytvo\u0159il FVG. Potvrzen\u00e9 prora\u017een\u00ed nad tuto \u00farove\u0148 by mohlo obnovit b\u00fd\u010d\u00ed momentum.<\/p>\n

\u2022 4 045 a\u017e 4 108 USD: lok\u00e1ln\u00ed rezistence vznikl\u00e1 po siln\u00e9m prodejn\u00edm tlaku. Uzav\u0159en\u00ed nad touto \u00farovn\u00ed by mohlo nazna\u010dit n\u00e1vrat kupn\u00ed s\u00edly.<\/p>\n

Z\u00f3ny podpory<\/strong><\/p>\n

\u2022 3 891 a\u017e 3 838 USD: prvn\u00ed v\u00fdznamn\u00e1 podpora identifikovan\u00e1 cenov\u00fdm v\u00fdvojem. V minulosti zde vznikl b\u00fd\u010d\u00ed pin bar, co\u017e nazna\u010duje z\u00e1jem kupuj\u00edc\u00edch.<\/p>\n

\u2022 3 783 a\u017e 3 733 USD: sekund\u00e1rn\u00ed podpora ur\u010den\u00e1 FVG.<\/p>\n

\u2022 3 675 a\u017e 3 641 USD: podpora vych\u00e1zej\u00edc\u00ed z objemov\u00e9ho profilu, oblast, kde d\u0159\u00edve vstupovali kupci.<\/p>\n

\u2022 3 378 a\u017e 3 333 USD: dlouhodob\u00e1 z\u00e1kladna z letn\u00edho obdob\u00ed, odkud za\u010dala cel\u00e1 rally. Objevuje se na t\u00fddenn\u00edm \u010dasov\u00e9m r\u00e1mci a m\u00e1 vy\u0161\u0161\u00ed v\u00fdznam.<\/p>\n

Co m\u016f\u017ee n\u00e1sledovat<\/h2>\n

\u2022 Medv\u011bd\u00ed sc\u00e9n\u00e1\u0159:<\/strong> Pokud zlato z\u016fstane pod EMA 20 a nepoda\u0159\u00ed se mu uzav\u0159\u00edt nad lok\u00e1ln\u00ed z\u00f3nou odporu FVG, korekce m\u016f\u017ee pokra\u010dovat sm\u011brem k ni\u017e\u0161\u00edm \u00farovn\u00edm podpory. Prora\u017een\u00ed pod 3 733 USD by mohlo otev\u0159\u00edt prostor pro hlub\u0161\u00ed pokles.<\/p>\n

\u2022 B\u00fd\u010d\u00ed sc\u00e9n\u00e1\u0159:<\/strong> Pokud zlato proraz\u00ed nad 4 045 a\u017e 4 108 USD a udr\u017e\u00ed se nad EMA 20, struktura se m\u016f\u017ee op\u011bt zm\u011bnit na b\u00fd\u010d\u00ed a otev\u0159\u00edt cestu k retestu oblasti historick\u00e9ho maxima.<\/p>\n

Zamy\u0161len\u00ed na z\u00e1v\u011br: konsolidace nebo za\u010d\u00e1tek nov\u00e9ho r\u016fstu?<\/h2>\n

V\u00fdjime\u010dn\u00e1 rally zlata vstoupila do f\u00e1ze ochlazen\u00ed, ale dlouhodob\u00fd v\u00fdhled z\u016fst\u00e1v\u00e1 podpo\u0159en siln\u00fdmi fundamenty. Sn\u00ed\u017een\u00ed sazeb Fedu na 4 %, slab\u0161\u00ed dolar a pokra\u010duj\u00edc\u00ed popt\u00e1vka centr\u00e1ln\u00edch bank tvo\u0159\u00ed pevn\u00fd z\u00e1klad pro hodnotu tohoto kovu.<\/p>\n

Z technick\u00e9ho pohledu je trh v kr\u00e1tkodob\u00e9m horizontu sp\u00ed\u0161e medv\u011bd\u00ed. V n\u00e1sleduj\u00edc\u00edch seanc\u00edch uvid\u00edme, zda kupuj\u00edc\u00ed dok\u00e1\u017eou ubr\u00e1nit kl\u00ed\u010dovou oblast podpory. Pokud tato \u00farove\u0148 vydr\u017e\u00ed, zlato m\u016f\u017ee brzy naj\u00edt s\u00edlu k dal\u0161\u00edmu r\u016fstu. Pokud klesne n\u00ed\u017ee, pravd\u011bpodobn\u011b dojde k hlub\u0161\u00ed korekci p\u0159ed p\u0159\u00edpadn\u00fdm obnoven\u00edm r\u016fstov\u00e9ho trendu.<\/p>\n

\"\"<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Zlato proch\u00e1z\u00ed jednou z nejsiln\u011bj\u0161\u00edch b\u00fd\u010d\u00edch f\u00e1z\u00ed v ned\u00e1vn\u00e9 historii. Od za\u010d\u00e1tku roku jeho cena vzrostla o v\u00edce ne\u017e 50 % a dos\u00e1hla nov\u00e9ho historick\u00e9ho maxima kolem 4 382 $ za trojskou unci. Tento v\u00fdrazn\u00fd r\u016fst p\u0159it\u00e1hl pozornost obchodn\u00edk\u016f a investor\u016f po cel\u00e9m sv\u011bt\u011b. Odr\u00e1\u017e\u00ed nejen tr\u017en\u00ed dynamiku, ale i \u0161ir\u0161\u00ed zm\u011bny v glob\u00e1ln\u00ed ekonomice, […]<\/p>\n","protected":false},"author":91,"featured_media":670870,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[89042],"tags":[],"class_list":["post-670630","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-instrumenty"],"acf":[],"yoast_head":"\nCo \u010dek\u00e1 zlato d\u00e1l? Technick\u00fd a fundament\u00e1ln\u00ed v\u00fdhled | FTMO<\/title>\n<meta name=\"description\" content=\"Zlato letos vzrostlo o 50 % na rekordn\u00edch 4 382 $. 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