Examining the recent daily chart, the downward trend channel forming in the XAU/USD gold prices lacks the strength to indicate a reversal of the overall trend. It is evident that a true trend reversal is unlikely unless the price transitions to key support levels at $2,000 and $1,985 per ounce, respectively. Additionally, the possibility of this shift exists if the United States unveils more economic data than anticipated, potentially supporting a tightening of the country's monetary policy.
On the contrary, if today's released U.S. economic indicators fall below expectations, there may be a higher chance for an upward gold price trend. From a technical standpoint, the immediate resistance levels for this scenario could be at $2,048 and $2,070.
In a broader context, it is crucial to note that I still favor buying gold across all intensities. This preference stems from the metal's resilience, fueled by heightened global geopolitical tensions and increased gold purchases by central banks as a risk mitigation strategy.
This unique analysis takes into consideration the evolving market dynamics, emphasizing the potential impact of economic indicators on gold prices, while reinforcing the rationale for a positive stance on gold investment.
On the contrary, if today's released U.S. economic indicators fall below expectations, there may be a higher chance for an upward gold price trend. From a technical standpoint, the immediate resistance levels for this scenario could be at $2,048 and $2,070.
In a broader context, it is crucial to note that I still favor buying gold across all intensities. This preference stems from the metal's resilience, fueled by heightened global geopolitical tensions and increased gold purchases by central banks as a risk mitigation strategy.
This unique analysis takes into consideration the evolving market dynamics, emphasizing the potential impact of economic indicators on gold prices, while reinforcing the rationale for a positive stance on gold investment.
