At the beginning of this week, the gold market has demonstrated strong upward momentum. The spot gold price has rapidly risen from around $3,314 at the start of the week. Boosted by risk aversion sentiment, it has advanced all the way and reached a peak of $3,438, precisely testing the resistance level of the upper band of the daily Bollinger Bands. This price has also refreshed the recent high record.👉👉👉
However, the good situation didn't last long, and the market situation took a sharp turn for the worse in the middle of the week. Due to the excessive increase in the early stage, a large amount of profit-taking from long positions poured out. Coupled with the concentrated release of the demand for a technical pullback, the gold price failed to hold firm at the high level and instead fell rapidly. By the close of trading on Friday, spot gold closed at $3,327.25, experiencing a significant decline compared to the intraday high, indicating that the intensity of the short-term battle between bulls and bears has further intensified.
If you approve of my analysis, you can give it a thumbs-up as support. If you have different opinions, you can leave your thoughts in the comments.Thank you!👉👉👉
However, the good situation didn't last long, and the market situation took a sharp turn for the worse in the middle of the week. Due to the excessive increase in the early stage, a large amount of profit-taking from long positions poured out. Coupled with the concentrated release of the demand for a technical pullback, the gold price failed to hold firm at the high level and instead fell rapidly. By the close of trading on Friday, spot gold closed at $3,327.25, experiencing a significant decline compared to the intraday high, indicating that the intensity of the short-term battle between bulls and bears has further intensified.
If you approve of my analysis, you can give it a thumbs-up as support. If you have different opinions, you can leave your thoughts in the comments.Thank you!👉👉👉
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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.
Join my free Telegram channel right away and achieve financial freedom.
👉👉👉t.me/+-iWSZBp9OVc0ZjA0
👉👉👉t.me/+-iWSZBp9OVc0ZjA0
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.