Gold developments today and in the near future
Hello everyone! Today, gold prices are trading steadier from supportive policy measures and strong business activity data from China, which has boosted market sentiment and dampened safe-haven demand. against the US dollar, limiting its recent gains.
Furthermore, the stagnant sentiment surrounding US Treasury bond interest rates is also supporting gold prices without generating profits.
On the 4-hour time frame, we can see that Gold is in a downtrend zone therefore we can argue that Gold will have a short-term decline in the near term before exiting this downtrend. The strong resistance at $1,920 is holding and gold prices could drop to $1,900.
Gold sellers need to break this to start a new downtrend towards static support at $1,885.
Furthermore, the stagnant sentiment surrounding US Treasury bond interest rates is also supporting gold prices without generating profits.
On the 4-hour time frame, we can see that Gold is in a downtrend zone therefore we can argue that Gold will have a short-term decline in the near term before exiting this downtrend. The strong resistance at $1,920 is holding and gold prices could drop to $1,900.
Gold sellers need to break this to start a new downtrend towards static support at $1,885.
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