The break out of 2000 is coming
Updated
☁️The price of gold has broken its downward trend and is trading higher around $1,970 per ounce in the Asian session on Wednesday. The precious metal found support as the US dollar stabilized after recent losses.
☁️From a short-term technical perspective, gold appears to be in a "buy" position. The 14-day Relative Strength Index (RSI) is just below the overbought territory, indicating further room for upward momentum.
☁️Furthermore, gold is forming a bullish flag pattern after consolidating this week following a continuous rise from its lowest point in the month at $1,811.
☁️The daily technical setup for gold favors bullish traders, with immediate resistance seen at $1,980. Breaking this level is necessary to challenge the highest point on August 20th at $1,988, with a target of $2,000 as the next resistance level.
☁️On the other hand, if bearish speculators regain control and push gold lower, they will aim to break the recent low on September 23rd at $1,963. Further to the south, psychological support at $1,950 will be reconsidered.
☁️For gold buyers, the significant level to watch is the lowest point on September 19th at $1,945.
☁️The significant reversal of the US dollar has triggered a fresh sell-off in gold.
☁️From a short-term technical perspective, gold appears to be in a "buy" position. The 14-day Relative Strength Index (RSI) is just below the overbought territory, indicating further room for upward momentum.
☁️Furthermore, gold is forming a bullish flag pattern after consolidating this week following a continuous rise from its lowest point in the month at $1,811.
☁️The daily technical setup for gold favors bullish traders, with immediate resistance seen at $1,980. Breaking this level is necessary to challenge the highest point on August 20th at $1,988, with a target of $2,000 as the next resistance level.
☁️On the other hand, if bearish speculators regain control and push gold lower, they will aim to break the recent low on September 23rd at $1,963. Further to the south, psychological support at $1,950 will be reconsidered.
☁️For gold buyers, the significant level to watch is the lowest point on September 19th at $1,945.
☁️The significant reversal of the US dollar has triggered a fresh sell-off in gold.
Trade active
Gold is following our analysisNote
The 1993 resistance zone is still very strong
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