Gold breaks the safe threshold and can increase sharply
Updated
With gold now up for the fourth day in a row, it has allowed a nice bullish trend to develop on the 1-hour chart. The recent gains were accompanied by increased volume and tapered off as the price retraced. The price is currently trying to build support around the 10-day EMA and previous highs/double tops around $2024 and RSI (2) is oversold, so perhaps an inflection point is near. Also note that the RSI 14 is holding above the 50 level, which supports momentum for the overall trend.
Bulls can look for dips targeting the $2036 to $2040 area, near the weekly R1 pivot point and the monthly pivot point. A weaker US dollar and lower interest rates will be the ideal scenario for gold to extend its current upward momentum. However, I suspect the $2040 area could offer some resistance or retracement.
Bulls can look for dips targeting the $2036 to $2040 area, near the weekly R1 pivot point and the monthly pivot point. A weaker US dollar and lower interest rates will be the ideal scenario for gold to extend its current upward momentum. However, I suspect the $2040 area could offer some resistance or retracement.
Note
💵 SELL LIMIT XAUUSD 2035 - 2038 🪙🪙🪙💲TP1 2020
💲TP2 2010
🔴 SL 2043
Note
SELL SMALL VOLUME NOW 2031 - 2033Note
Hit TP1 2020 +110 🪙🪙🪙Note
World gold costs stabilized, with spot gold down 1 USD to 2,023 USD/ounce. Gold futures remaining traded at 2.half an ounce, down 0.ninety from the brilliant spot.Despite being compelled with the aid of using the mins of the primary major assembly of americaA Federal Reserve (Fed), gold maintains to consolidate at 2,000 USD/ounce. In the brand new mins, the Fed warned that its economic coverage has reached its top however has now no longer but decreased hobby rates.
Fed officers referred to that inflation is much less probably and monetary hobby stays strong. According to the compiler, the ban desires to complement verified evidence, persevering with to lessen intake to 2% earlier than you make a decision to preserve economic coverage.
Note
💵 SELL LIMIT XAUUSD 2033 - 2035 🪙🪙🪙💲TP1 2025
💲TP2 2015
🔴 SL 2040
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