Hello, I'm delighted to discuss the XAUUSD market with you today!
As of the close of yesterday, the gold market experienced a notable uptick, soaring from $2016 to $2041—a $25 increase in just a few hours.
The current price stands at $2035, and technical analysis suggests that despite recent support for a price increase, the long-term trend seems to be on a downward trajectory within a descending channel. The $2045 resistance level, marking the upper boundary of this channel, could serve as a crucial point for bears to initiate the next price decline. In such a scenario, it's possible for gold to revisit the $19xx range once again.
What's your take? Do you foresee a decrease in gold prices, or do you believe it could break out of this trend?
As of the close of yesterday, the gold market experienced a notable uptick, soaring from $2016 to $2041—a $25 increase in just a few hours.
The current price stands at $2035, and technical analysis suggests that despite recent support for a price increase, the long-term trend seems to be on a downward trajectory within a descending channel. The $2045 resistance level, marking the upper boundary of this channel, could serve as a crucial point for bears to initiate the next price decline. In such a scenario, it's possible for gold to revisit the $19xx range once again.
What's your take? Do you foresee a decrease in gold prices, or do you believe it could break out of this trend?
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.