Gold continues to be supported when price increases
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Hello dear friends!
And so, the trading session yesterday saw gold regain its proactive position in terms of price increase. The Bulls are still growing stronger and it is noticeable.
At the time of writing this article, gold is trading at $1984 and has risen by 0.23% during the day. So, what is the reason behind gold's comeback?
Regarding the global news affecting gold:
- The ongoing conflicts in the Middle East continue to create tension, and concerns about political instability will not disappear in the short term, which will continue to support gold.
- Additionally, the market is expecting the Fed to keep interest rates unchanged at the policy meeting next month. If the data shows a slowdown, the Fed will have more reason to not raise interest rates, which will greatly support gold and push prices back above $2000.
Regarding technical analysis:
- On almost all timeframes, the upward trend is strongly supported with prices fluctuating above the two EMA lines - 34 and 89 - and there are clear signs of a reversal from these two EMA lines.
However, the $2000 mark still remains a strong psychological resistance level. Karina believes that if gold reaches this level, a slight correction may occur. Nevertheless, Karina maintains a bullish view and highly values the upward trend.
And so, the trading session yesterday saw gold regain its proactive position in terms of price increase. The Bulls are still growing stronger and it is noticeable.
At the time of writing this article, gold is trading at $1984 and has risen by 0.23% during the day. So, what is the reason behind gold's comeback?
Regarding the global news affecting gold:
- The ongoing conflicts in the Middle East continue to create tension, and concerns about political instability will not disappear in the short term, which will continue to support gold.
- Additionally, the market is expecting the Fed to keep interest rates unchanged at the policy meeting next month. If the data shows a slowdown, the Fed will have more reason to not raise interest rates, which will greatly support gold and push prices back above $2000.
Regarding technical analysis:
- On almost all timeframes, the upward trend is strongly supported with prices fluctuating above the two EMA lines - 34 and 89 - and there are clear signs of a reversal from these two EMA lines.
However, the $2000 mark still remains a strong psychological resistance level. Karina believes that if gold reaches this level, a slight correction may occur. Nevertheless, Karina maintains a bullish view and highly values the upward trend.
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Gold price on the 1H chart
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