Warm greetings to all precious metals enthusiasts! Despite a slight correction, gold remains resolute in its elevated position, indicating continued bullish sentiment.
Currently trading around $2256, down a modest 156 pips from yesterday, gold is undergoing corrective movements following a robust rally.
Looking ahead, gold is supported by safe-haven demand amid expectations of impending interest rate cuts by the Fed. Ongoing geopolitical tensions are further fueling economic uncertainties in various countries, prompting investors to flock to gold.
In the short term, a new peak seems to be forming in this high price zone, accompanied by the emergence of a downtrend line. If this pattern persists, gold may retrace to the 89 EMA should the support at $22,357 be breached.
Today, let's lean towards a sales perspective, wishing everyone an enjoyable and profitable trading session!
Currently trading around $2256, down a modest 156 pips from yesterday, gold is undergoing corrective movements following a robust rally.
Looking ahead, gold is supported by safe-haven demand amid expectations of impending interest rate cuts by the Fed. Ongoing geopolitical tensions are further fueling economic uncertainties in various countries, prompting investors to flock to gold.
In the short term, a new peak seems to be forming in this high price zone, accompanied by the emergence of a downtrend line. If this pattern persists, gold may retrace to the 89 EMA should the support at $22,357 be breached.
Today, let's lean towards a sales perspective, wishing everyone an enjoyable and profitable trading session!
Note
Note
The price is going exactly as I predicted
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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.
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.