GOLD - Gold Price Stalls Again at Former Support Zone
Updated
Gold is supported by many other factors, including geopolitical instability in many regions and weak economic conditions in many countries. Governments in many countries are promoting economic stimulus policies, collecting money to revive growth.
This also means that currencies can depreciate, bounce back and gold becomes a storm channel.
Despite the recovery, gold is forecasted to continue to face difficulties in the short and medium term. Accordingly, gold is being supported at 1,900 USD/ounce but profit-taking pressure also increased strongly when the price reached 1,950 USD/ounce.
In addition, gold is struggling as US bond yields rise and is expected to stay high in the long run.
The price of gold extends the rebound from the June Low ($1893) to register a fresh weekly high ($1935), and the precious metal may attempt to test the 50-Day SMA ($1966) amid the failed attempt to break/close below the $1886 (23.6% Fibonacci extension) to $1897 (61.8% Fibonacci retracement) region.
The price of gold may face range bound conditions as long as it holds above the June Low ($1893), but a break/close below the $1886 (23.6% Fibonacci extension) to $1897 (61.8% Fibonacci retracement) region may push bullion towards $1859 (23.6% Fibonacci retracement), with the next area of interest coming in around $1837 (38.2% Fibonacci retracement) to $1843 (50% Fibonacci retracement).
XAUUSD BUY 1914- 1916💯💯
✅ TP1: 1922
✅ TP2: 1928
✅ TP3: 1934
🛑 SL: 1906
This also means that currencies can depreciate, bounce back and gold becomes a storm channel.
Despite the recovery, gold is forecasted to continue to face difficulties in the short and medium term. Accordingly, gold is being supported at 1,900 USD/ounce but profit-taking pressure also increased strongly when the price reached 1,950 USD/ounce.
In addition, gold is struggling as US bond yields rise and is expected to stay high in the long run.
The price of gold extends the rebound from the June Low ($1893) to register a fresh weekly high ($1935), and the precious metal may attempt to test the 50-Day SMA ($1966) amid the failed attempt to break/close below the $1886 (23.6% Fibonacci extension) to $1897 (61.8% Fibonacci retracement) region.
The price of gold may face range bound conditions as long as it holds above the June Low ($1893), but a break/close below the $1886 (23.6% Fibonacci extension) to $1897 (61.8% Fibonacci retracement) region may push bullion towards $1859 (23.6% Fibonacci retracement), with the next area of interest coming in around $1837 (38.2% Fibonacci retracement) to $1843 (50% Fibonacci retracement).
XAUUSD BUY 1914- 1916💯💯
✅ TP1: 1922
✅ TP2: 1928
✅ TP3: 1934
🛑 SL: 1906
Note
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