Gold achieved impressive gains, the market was hot
Updated
Dear friends, the market seems to be showing an impressive price increase, as it continues to rise relentlessly for the past three months, mostly due to escalating tensions in the Middle East. The toned-down rhetoric from officials at the Federal Reserve has limited global USD supply, making gold hotter than ever.
At the time of writing, the gold market has temporarily halted trading, facing a close on Friday while still testing crucial resistance levels at its highest point since July 1987. Breaking decisively above would confirm that the weeks-long downward pressure has been slowly diminishing. Such a breakthrough would ensure a reevaluation of bearish prospects. Furthermore, surpassing the May 2072 peak is shifting midterm prospects towards an upward trend. My current target is to aim for the two highest resistance levels at $2071. With another test looming as the 1M timeframe trend remains stable.
What about you? Do you agree with my viewpoint?
At the time of writing, the gold market has temporarily halted trading, facing a close on Friday while still testing crucial resistance levels at its highest point since July 1987. Breaking decisively above would confirm that the weeks-long downward pressure has been slowly diminishing. Such a breakthrough would ensure a reevaluation of bearish prospects. Furthermore, surpassing the May 2072 peak is shifting midterm prospects towards an upward trend. My current target is to aim for the two highest resistance levels at $2071. With another test looming as the 1M timeframe trend remains stable.
What about you? Do you agree with my viewpoint?
Note
Gold may be pointing towards opening the next trading session next week at $1974.Note
Note
A profit-taking phase is likely to be triggered this week.
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