Gold will likely decrease then increase again
Updated
From a technical standpoint, gold's recent breakout above a week-long consolidative trading range, approximately around $2,048 , signals a favorable environment for bullish traders. Notably, the occurrence of a golden cross, where the 50-day Simple Moving Average (SMA) crossed above the 200-day SMA, adds weight to the positive outlook.
This technical setup positions gold for potential further gains, with the $2,090 zone emerging as the next relevant hurdle. Should the momentum persist, there is a distinct possibility of gold reclaiming the psychologically significant $2,100 mark.
However, the path to glory is not without its challenges. A reversal below the aforementioned trading range resistance could lead to a retracement, with support levels at $2,026 and $2,017. A decisive break below the latter might trigger technical selling, leaving gold vulnerable to a more pronounced decline towards the psychological support at $2,000.
This technical setup positions gold for potential further gains, with the $2,090 zone emerging as the next relevant hurdle. Should the momentum persist, there is a distinct possibility of gold reclaiming the psychologically significant $2,100 mark.
However, the path to glory is not without its challenges. A reversal below the aforementioned trading range resistance could lead to a retracement, with support levels at $2,026 and $2,017. A decisive break below the latter might trigger technical selling, leaving gold vulnerable to a more pronounced decline towards the psychological support at $2,000.
Note
XAUUSD BUY 2043 - 2041✔️TP1: 2048
✔️TP2: 2053
XAUUSD BUY 2037 - 2035
✔️TP1: 2042
✔️TP2: 2047
🚫SL: 2031
XAUUSD SELL 2062 - 2064
✔️TP1: 2057
✔️TP2: 2052
🚫SL: 2067
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