Hello Karina's friends,
At the opening of today's trading session, gold has started to decline slightly by around $10 from $2006 to $1996. However, on larger timeframes such as the 4-hour and 1-day charts, they are supporting an upward trend, and the 1-hour chart shows the same. It can be seen that after gold once again touched a strong psychological resistance level at $2000, investors who wanted to sell quickly pushed back this price increase. However, it is expected that gold will not decrease significantly, with a possible limit around $1985 in the vicinity of the 89-EMA zone, followed by a return to the upward trend of this precious metal.
The next target will be $2015, which is a resistance level mentioned in the analysis.
This week, we will receive a lot of important information, including the Fed Chairman's interest rate decision speech on November 1st and PMI data on November 3rd. These pieces of information will answer all our questions as they will have a significant impact on the price of gold. At that point, the next move for gold will become clearer.
At the opening of today's trading session, gold has started to decline slightly by around $10 from $2006 to $1996. However, on larger timeframes such as the 4-hour and 1-day charts, they are supporting an upward trend, and the 1-hour chart shows the same. It can be seen that after gold once again touched a strong psychological resistance level at $2000, investors who wanted to sell quickly pushed back this price increase. However, it is expected that gold will not decrease significantly, with a possible limit around $1985 in the vicinity of the 89-EMA zone, followed by a return to the upward trend of this precious metal.
The next target will be $2015, which is a resistance level mentioned in the analysis.
This week, we will receive a lot of important information, including the Fed Chairman's interest rate decision speech on November 1st and PMI data on November 3rd. These pieces of information will answer all our questions as they will have a significant impact on the price of gold. At that point, the next move for gold will become clearer.
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