GOLD--> Just one step away from $2700
מעודכן
Hello everyone, Ben here!
Last week, we witnessed a significant drop in gold prices, with the precious metal hitting a low of $2,583 at one point. Currently, gold is trading around $2,623, maintaining a stable position this week.
The rebound in gold prices at the end of last week was supported by the weakening USD and a decline in U.S. Treasury yields. This was driven by the latest economic data, which revealed that U.S. inflation is slowing down, easing the pressure on gold prices.
Personally, I, Ben, strongly believe that the upward trend for gold will gain more certainty in the coming period. However, gold must break through the current resistance levels to further expand its growth potential. On the other hand, if the price falls below the $2,620 support level, it could drop further to the dynamic support at $2,600. From there, we might expect the upward trend to resume, with potential targets at $2,650 and $2,700 in the foreseeable future.
Stay sharp and trade wisely!
Yours truly, Bentradegold.
Last week, we witnessed a significant drop in gold prices, with the precious metal hitting a low of $2,583 at one point. Currently, gold is trading around $2,623, maintaining a stable position this week.
The rebound in gold prices at the end of last week was supported by the weakening USD and a decline in U.S. Treasury yields. This was driven by the latest economic data, which revealed that U.S. inflation is slowing down, easing the pressure on gold prices.
Personally, I, Ben, strongly believe that the upward trend for gold will gain more certainty in the coming period. However, gold must break through the current resistance levels to further expand its growth potential. On the other hand, if the price falls below the $2,620 support level, it could drop further to the dynamic support at $2,600. From there, we might expect the upward trend to resume, with potential targets at $2,650 and $2,700 in the foreseeable future.
Stay sharp and trade wisely!
Yours truly, Bentradegold.
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