Gold decreased but the upward momentum remained sustainable
Updated
Hello dear friends, do you think the price of gold will increase or decrease in the near future?
Generally, the main trend of gold in the past week has been a decrease in price, with a decline of over $40 during the week.
However, when looking at the long term with the 1-day chart, gold still maintains a strong upward trend with a steady rising trendline. Gold experienced a week of price decline as a corrective wave, testing the 34 ema line at $2045, and the upcoming prospects are expected to test the 89 ema line at around $2019.
We can expect gold to bounce back from this point as it touches the trendline and finds support at that level (as marked on the chart).
Karina still expects gold to continue setting record levels in 2024. What about you?
Generally, the main trend of gold in the past week has been a decrease in price, with a decline of over $40 during the week.
However, when looking at the long term with the 1-day chart, gold still maintains a strong upward trend with a steady rising trendline. Gold experienced a week of price decline as a corrective wave, testing the 34 ema line at $2045, and the upcoming prospects are expected to test the 89 ema line at around $2019.
We can expect gold to bounce back from this point as it touches the trendline and finds support at that level (as marked on the chart).
Karina still expects gold to continue setting record levels in 2024. What about you?
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