With gold setting new record highs at $2,393/ounce in weekend trading, it's currently hovering around $2330-$2393 in early morning trading.
Identifying a potential battleground between buying and selling pressure on the H4 timeframe of XAUUSD around the support level of $2300-$2393, there's a possibility of a downward correction if gold breaks below this range. However, if gold fails to break out of the $2300-$2393 range, it may continue seeking new milestones.
Identifying a potential battleground between buying and selling pressure on the H4 timeframe of XAUUSD around the support level of $2300-$2393, there's a possibility of a downward correction if gold breaks below this range. However, if gold fails to break out of the $2300-$2393 range, it may continue seeking new milestones.
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The price of gold is influenced by various factors such as geopolitical tensions, inflation, interest rates, and market sentiment. Historically, gold has been considered a safe-haven asset, with investors turning to it during times of uncertainty. Its scarcity and long-standing value have made it a popular choice for diversifying investment portfolios. In recent years, fluctuations in global economic conditions and geopolitical events have contributed to both increases and decreases in the price of gold. Despite short-term volatility, gold often retains its value over the long term, serving as a hedge against economic instability.
