Gold slows down in downtrend
Updated
Hello everyone, let's explore the price of gold!
Regarding the developments and outcomes of the news on January 22nd: The price of gold has experienced significant fluctuations, mainly fluctuating in a downward trend, and the EMA continues to be the dominant support for gold. Currently, the price is consolidating. This is due to the strengthening of the US dollar as the Federal Reserve is unlikely to cut interest rates in March. As a result, investing in gold becomes more expensive due to higher interest rates.
Conclusion on gold and trends: Gold attracted some buying activity on Tuesday and recovered most of its modest overnight losses. Political tensions in the Middle East, along with concerns about China's weak economic recovery, have supported some safe-haven precious metals. However, in the long run, the price is still negatively impacted by the previous downward trend, evidenced by the price remaining below the strong resistance level of $2050.
My target is for the price to pull back to the resistance levels around $2040 and $2050 before being influenced by the market's strong downward trend, with an expected decline to $2000. Any breakthrough below this level of $1980 will be the last line of defense for the bullish camp.
Regarding the developments and outcomes of the news on January 22nd: The price of gold has experienced significant fluctuations, mainly fluctuating in a downward trend, and the EMA continues to be the dominant support for gold. Currently, the price is consolidating. This is due to the strengthening of the US dollar as the Federal Reserve is unlikely to cut interest rates in March. As a result, investing in gold becomes more expensive due to higher interest rates.
Conclusion on gold and trends: Gold attracted some buying activity on Tuesday and recovered most of its modest overnight losses. Political tensions in the Middle East, along with concerns about China's weak economic recovery, have supported some safe-haven precious metals. However, in the long run, the price is still negatively impacted by the previous downward trend, evidenced by the price remaining below the strong resistance level of $2050.
My target is for the price to pull back to the resistance levels around $2040 and $2050 before being influenced by the market's strong downward trend, with an expected decline to $2000. Any breakthrough below this level of $1980 will be the last line of defense for the bullish camp.
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