Hello traders!
Currently, gold is still consolidating its price increases since receiving news yesterday. The precious metal is currently trading at $1936, but it has yet to break through the previous resistance level of $1945.
Therefore, it is expected that when gold continues to develop towards this resistance level, a slight price decrease will be tested near the 1095 USD level, which is the area where the EMA is active. After that, this can be seen as a leverage to help gold prices rebound and continue to rise.
Currently, gold is still consolidating its price increases since receiving news yesterday. The precious metal is currently trading at $1936, but it has yet to break through the previous resistance level of $1945.
Therefore, it is expected that when gold continues to develop towards this resistance level, a slight price decrease will be tested near the 1095 USD level, which is the area where the EMA is active. After that, this can be seen as a leverage to help gold prices rebound and continue to rise.
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Currently, investors are quite cautious. The conflict in the Middle East may not settle down, but there is also the possibility of surprises that shake markets in the next days and weeks.
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