GOLD waiting to Buy - 16/05/2023
Gold prices saw a slight uptick on the first day of this week and maintained a modest gain throughout the day. Currently, XAUUSD is trading at around $2,020, indicating a 0.30% increase for the day. This marks the end of a three-day losing streak for gold prices. The US Dollar, on the other hand, has bounced back from a 5-week high due to concerns over the US debt ceiling.
This factor has been the primary support for the US Dollar-denominated Gold price. Moreover, the global economic recession has resulted in increased demand for the safe-haven Gold price, further aiding the uptrend. To enter the order, two essential elements need to be considered - waiting for GOLD to break through the resistance level around 2023USD and waiting for the Reset price to return to the Keylevel.
This factor has been the primary support for the US Dollar-denominated Gold price. Moreover, the global economic recession has resulted in increased demand for the safe-haven Gold price, further aiding the uptrend. To enter the order, two essential elements need to be considered - waiting for GOLD to break through the resistance level around 2023USD and waiting for the Reset price to return to the Keylevel.
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