Gold Price pulled back from $1690 critical support but until the end of the week, price managed to reclaim the $1,733-resistance area. Gold bulls remain in control of the trend and could try to push the price to new higher highs once again 1650$, 1670$
Gold currently Proforming tow different trends short term downside and long term upside, but last week downside trend break 1713$ and manage to come back $1733 Resistance. At the moment Gold under trend line of long term line,
Two things expecting Gold could break 1733$ and go upside resistance 1746$ and 1756$. If the price failed to break the trendline then alternative short opportunity towards Support level 1710$ and 1695$ where we see new Buyer take higher high.
Gold is trading in the green for a second session after the temporary correction, the price has managed to stay above the $1,733 level signalling that the outlook is still bullish.
The tensions between the US and China and the global economy slow recovery has pushed the price higher again.
COVID-19 lockdown measures were eased lately, but unfortunately, the risk is high as the global economy could step into recession. The current US depreciation pushes the gold price higher at the end of the year.
SUPPORT/RESISTANCE
✅S1= 1690
✅S2=1660$
✴️R1=1733$
✴️R2=1767$
Any opinions, chats, messages, news, research, analyses, prices, or other information contained on this Website are provided as general market information for educational and entertainment purposes only and do not constitute investment advice. You should do your own thorough research before making any investment decisions Opinions, market data, recommendations or any other content is subject to change at any time without notice. ALL-MY-PIPS, will not accept liability for any loss or damage, including without limitation any loss of profit, which may arise directly or indirectly from use of or reliance on such information. Always Trade and Invest at Your Own Risk.
Recommended Content
Editors’ Picks
EUR/USD clings to daily gains above 1.0650
EUR/USD gained traction and turned positive on the day above 1.0650. The improvement seen in risk mood following the earlier flight to safety weighs on the US Dollar ahead of the weekend and helps the pair push higher.
GBP/USD recovers toward 1.2450 after UK Retail Sales data
GBP/USD reversed its direction and advanced to the 1.2450 area after touching a fresh multi-month low below 1.2400 in the Asian session. The positive shift seen in risk mood on easing fears over a deepening Iran-Israel conflict supports the pair.
Gold holds steady at around $2,380 following earlier spike
Gold stabilized near $2,380 after spiking above $2,400 with the immediate reaction to reports of Israel striking Iran. Meanwhile, the pullback seen in the US Treasury bond yields helps XAU/USD hold its ground.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price shows no signs of directional bias while it holds above $60,000. The fourth BTC halving is partially priced in, according to Deutsche Bank’s research.
Week ahead – US GDP and BoJ decision on top of next week’s agenda
US GDP, core PCE and PMIs the next tests for the Dollar. Investors await BoJ for guidance about next rate hike. EU and UK PMIs, as well as Australian CPIs also on tap.