Where will the gold price go? What should be noted?
Hello, amazing and brave friends!
Today, the price of gold is facing difficulties in capitalizing on the positive momentum from the previous day and is trading with a slight negative trend around $2025.
From a technical perspective: Gold needs to find acceptance above the resistance level of $2040 for the bullish camp to gain control in the short term. Next is the previous week's high, around the $2049-2050 area, which if cleared, would set the stage for further advancement towards the next relevant barrier near the $2072-2073 region. The upward trajectory could potentially extend further and allow XAU/USD to reclaim the $2100 milestone.
On the other hand, the $2015 area may continue to protect the immediate downside, with horizontal resistance at $2010 and the psychological level of $2000. A convincing break below these levels would challenge gold's support at $1985 before the bearish side pushes it down towards last week's low around the $1973 region.
In your opinion, do you think gold will continue to rise or decline further?
Today, the price of gold is facing difficulties in capitalizing on the positive momentum from the previous day and is trading with a slight negative trend around $2025.
From a technical perspective: Gold needs to find acceptance above the resistance level of $2040 for the bullish camp to gain control in the short term. Next is the previous week's high, around the $2049-2050 area, which if cleared, would set the stage for further advancement towards the next relevant barrier near the $2072-2073 region. The upward trajectory could potentially extend further and allow XAU/USD to reclaim the $2100 milestone.
On the other hand, the $2015 area may continue to protect the immediate downside, with horizontal resistance at $2010 and the psychological level of $2000. A convincing break below these levels would challenge gold's support at $1985 before the bearish side pushes it down towards last week's low around the $1973 region.
In your opinion, do you think gold will continue to rise or decline further?
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