Gold Today - Falling momentum clearly established
Updated
On Wednesday, the US dollar experienced significant fluctuations, but ultimately ended the day with little change.
The main factor affecting gold prices was US Treasury yields, which supported the US dollar. Currently, gold prices are stabilizing after a recent decline, but if the market worsens, the US dollar may become a safe-haven investment, which could limit gold's rise.
Weak jobless claims in the US could also contribute to a continued decrease in the US dollar and a rise in gold prices.
If gold drops below the 1938 zone, it could trigger a strong sell-off towards the 1930-1920-1905 targets in the short term.
When trading based on this method, it's essential to place a stop loss after the nearest price resistance.
The main factor affecting gold prices was US Treasury yields, which supported the US dollar. Currently, gold prices are stabilizing after a recent decline, but if the market worsens, the US dollar may become a safe-haven investment, which could limit gold's rise.
Weak jobless claims in the US could also contribute to a continued decrease in the US dollar and a rise in gold prices.
If gold drops below the 1938 zone, it could trigger a strong sell-off towards the 1930-1920-1905 targets in the short term.
When trading based on this method, it's essential to place a stop loss after the nearest price resistance.
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