Gold clings to modest gains near 2,030 USD - XAUUSD
Hello dear friends, in today's trading session, the longer-term moving averages EMA 34 and 89 are slightly lower than the current level, limiting the price increase. Finally, the technical indicators do not provide clear direction, as they are not reaching any significant levels.
With the potential formation of a cup and handle pattern, I expect gold to rise to around $2040 and then retreat.
The "buy on dips" trading strategy for gold continues as long as the significant static support level of $1988 is maintained. The uptrend could strengthen further if strong buying pressure is received from this final support level.
Support levels: $2016.40, $2001.60, $1988.60
Resistance levels: $2033.10, $2047.20, $2056.80
With the potential formation of a cup and handle pattern, I expect gold to rise to around $2040 and then retreat.
The "buy on dips" trading strategy for gold continues as long as the significant static support level of $1988 is maintained. The uptrend could strengthen further if strong buying pressure is received from this final support level.
Support levels: $2016.40, $2001.60, $1988.60
Resistance levels: $2033.10, $2047.20, $2056.80
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