Gold Prices Expected to Experience Volatility in the Near Future
Despite the adjustment of the US Dollar, the yield of US treasury bonds decreasing, and escalating political tensions, the price of gold failed to sustain its recovery and once again declined to the vicinity of 2,350 USD. However, it rebounded, trading around 2,370 USD during Thursday's Asian trading session.
Based on technical analysis, on the 1-hour chart, the price of gold continues to maintain a downward trend. This is supported by technical indicators such as SMA and RSI. The Relative Strength Index (RSI) is trading below the 50 level, indicating a downward trend in price.
However, if the recovery is sustained, gold prices may retest the important resistance level near 2,400 USD. Breaking through this level could continue the upward trend, opening up prospects for gold to further test the record high of 2,432 USD.
Based on technical analysis, on the 1-hour chart, the price of gold continues to maintain a downward trend. This is supported by technical indicators such as SMA and RSI. The Relative Strength Index (RSI) is trading below the 50 level, indicating a downward trend in price.
However, if the recovery is sustained, gold prices may retest the important resistance level near 2,400 USD. Breaking through this level could continue the upward trend, opening up prospects for gold to further test the record high of 2,432 USD.
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