Gold Price Soars
The US dollar stopped rising, coupled with the escalating Russia-Ukraine conflict, driving gold prices up by nearly $50, ending the previous downtrend. At the close of trading on November 18, gold had gained $48, reaching $2,611 per ounce. This recovery helped gold break its six-session losing streak from the previous week, when prices had dropped to a two-month low.
Looking at the technical chart, the EMA line has reversed, signaling that the uptrend has returned. Additionally, gold is moving within an upward price channel, indicating that the current bullish momentum is continuing. Other technical indicators, such as the RSI (Relative Strength Index), are in the overbought zone, further supporting the bullish outlook for gold. If gold can maintain levels above $2,600 per ounce, it is likely to test resistance levels around $2,630 - $2,650 per ounce.
On the other hand, if gold fails to hold above $2,600 per ounce, the next support level could be around $2,570 per ounce, where short-term moving averages converge.
The performance of the US dollar and geopolitical factors will continue to be key influences on the gold price trend in the near future.
Looking at the technical chart, the EMA line has reversed, signaling that the uptrend has returned. Additionally, gold is moving within an upward price channel, indicating that the current bullish momentum is continuing. Other technical indicators, such as the RSI (Relative Strength Index), are in the overbought zone, further supporting the bullish outlook for gold. If gold can maintain levels above $2,600 per ounce, it is likely to test resistance levels around $2,630 - $2,650 per ounce.
On the other hand, if gold fails to hold above $2,600 per ounce, the next support level could be around $2,570 per ounce, where short-term moving averages converge.
The performance of the US dollar and geopolitical factors will continue to be key influences on the gold price trend in the near future.
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