Gold Price Analysis
Diupdate
đź“ŁGOLD Price Analysis
Gold reached new record highs on Friday, with the market interpreting part of this move as an opportunity cost amid decreasing interest rates by major central banks. Additionally, falling real yields are driving gold prices higher.
The ongoing conflict in the Middle East is another significant factor supporting gold’s strength.
Technical analysis:
On the 60 Minute chart the price broke our the strong resistance area near 2600 established during the FOMC meeting. With the price creating a new all time high it is likely to rise further to 2520 and 2630 in the short term
Bearish Scanerio: Excise caution
If the price moves below 2600 it could indicate a false bullish breakout potentially leading to w decline towards 2550. This scenario requires carefully attention as it could trap you in long position at an all time high zone.
PS: always use a stop loss in every trade you take unexpected moves can occur at any Time.
Gold reached new record highs on Friday, with the market interpreting part of this move as an opportunity cost amid decreasing interest rates by major central banks. Additionally, falling real yields are driving gold prices higher.
The ongoing conflict in the Middle East is another significant factor supporting gold’s strength.
Technical analysis:
On the 60 Minute chart the price broke our the strong resistance area near 2600 established during the FOMC meeting. With the price creating a new all time high it is likely to rise further to 2520 and 2630 in the short term
Bearish Scanerio: Excise caution
If the price moves below 2600 it could indicate a false bullish breakout potentially leading to w decline towards 2550. This scenario requires carefully attention as it could trap you in long position at an all time high zone.
PS: always use a stop loss in every trade you take unexpected moves can occur at any Time.
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