The price of gold is entering a phase of consolidation and trading within a narrow range around $1,950, continuing to weaken due to uncertainty about the Federal Reserve's future interest rate hike path. Furthermore, investors seem less concerned about further escalation in the Israel-Hamas conflict, which is another factor causing money to flow out of precious metals and cooling them down.
Any recovery efforts will face strong resistance near the $1,970 level, surpassing which could trigger a short-term corrective move towards the next relevant barrier around $1,980, on the way to the $1,990 - $1,992 zone. Further buying activity could shift the trend in favor of bullish traders and push Gold prices well beyond the psychological $2,000 mark, aiming to retest the multi-month high around the $2,009 - $2,010 area reached in October.
Any recovery efforts will face strong resistance near the $1,970 level, surpassing which could trigger a short-term corrective move towards the next relevant barrier around $1,980, on the way to the $1,990 - $1,992 zone. Further buying activity could shift the trend in favor of bullish traders and push Gold prices well beyond the psychological $2,000 mark, aiming to retest the multi-month high around the $2,009 - $2,010 area reached in October.
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