Welcome to a new week of promising and productive trading!
Looking back at the previous week, gold demonstrated its strength by trading predominantly in the green. It was an impressive move from the bullish side, as they not only successfully defended the key support level at $1985 but also pushed the price of gold higher from this point onwards.
However, the price of gold will react to various economic reports until there is clear information regarding a potential interest rate cut by the Fed.
Based on the current picture, it is likely that gold will retrace back to the key support level of $1983 once again. On the other hand, if a breakthrough occurs and surpasses this support level, it will quickly move towards the final Fibonacci key resistance of $1932, indicating expectations of a recovery starting from there.
Looking back at the previous week, gold demonstrated its strength by trading predominantly in the green. It was an impressive move from the bullish side, as they not only successfully defended the key support level at $1985 but also pushed the price of gold higher from this point onwards.
However, the price of gold will react to various economic reports until there is clear information regarding a potential interest rate cut by the Fed.
Based on the current picture, it is likely that gold will retrace back to the key support level of $1983 once again. On the other hand, if a breakthrough occurs and surpasses this support level, it will quickly move towards the final Fibonacci key resistance of $1932, indicating expectations of a recovery starting from there.
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