Gold Price Increases for 3 Consecutive Sessions
World gold prices continued to increase for the third consecutive session, currently trading around 2,650 USD/ounce, up a total of 88 USD in the past three days. The main driving force of the uptrend comes from safe-haven demand due to escalating geopolitical tensions between Russia and Ukraine, along with the potential impact of US President-elect Donald Trump's economic policies.
On the 1-hour time frame, the EMA 34 and EMA 89 are providing good support for the uptrend, showing the strength of the buyers. The nearest short-term resistance is at 2,670 USD/ounce, if broken, the gold price may continue to increase to 2,680 - 2,690 USD/ounce. The current strong support is around 2,640 USD/ounce, if broken, it may pull the price down to 2,620 USD/ounce.
Personal opinion: The current uptrend is still maintained thanks to the positive sentiment in the gold market. However, the $2,650 - $2,670/ounce area is an important resistance level to watch. If the buyers cannot maintain the pressure, the price may correct slightly to accumulate before continuing the uptrend.
Note that the US interest rate policy in December may create a short-term correction period, but in the long term, gold is still very attractive due to geopolitical and macroeconomic instability. Personal opinion: If the price breaks the resistance, this is a good opportunity to consider continuing to buy orders.
On the 1-hour time frame, the EMA 34 and EMA 89 are providing good support for the uptrend, showing the strength of the buyers. The nearest short-term resistance is at 2,670 USD/ounce, if broken, the gold price may continue to increase to 2,680 - 2,690 USD/ounce. The current strong support is around 2,640 USD/ounce, if broken, it may pull the price down to 2,620 USD/ounce.
Personal opinion: The current uptrend is still maintained thanks to the positive sentiment in the gold market. However, the $2,650 - $2,670/ounce area is an important resistance level to watch. If the buyers cannot maintain the pressure, the price may correct slightly to accumulate before continuing the uptrend.
Note that the US interest rate policy in December may create a short-term correction period, but in the long term, gold is still very attractive due to geopolitical and macroeconomic instability. Personal opinion: If the price breaks the resistance, this is a good opportunity to consider continuing to buy orders.
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