Gold update: the uptrend remains strong!
Gold price is sitting at one-week highs near $2,930 early Thursday, consolidating a three-day recovery while aiming for a retest of lifetime highs of $2,956 ahead of mid-tier US economic data releases.
As mentioned on the chart, the uptrend remains intact, with the 34.89 EMA acting as strong support and the parallel channel effectively protecting buyers. Therefore, gold is still considered a safe investment, with a high likelihood that the upper resistance level of the trend channel will soon be confirmed.
What about you? What are your thoughts on gold?
As mentioned on the chart, the uptrend remains intact, with the 34.89 EMA acting as strong support and the parallel channel effectively protecting buyers. Therefore, gold is still considered a safe investment, with a high likelihood that the upper resistance level of the trend channel will soon be confirmed.
What about you? What are your thoughts on gold?
Trade active
Gold price struggles for a firm direction during the Asian session and extends its sideways consolidative price move for the second straight day on Thursday. Concerns about US President Donald Trump's tariff measures continue to act as a tailwind for the safe-haven bullion.Note
Gold under pressure as trade concerns cool, but still supported by a weak USD. Spot gold hovers around $2,900
Price zones to watch:
XAUUSD BUY Zone: 2878 - 2880
SL: 2875
TP: 2884 - 2889
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Disclaimer
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