What is the bulls' next target?
Updated
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Today, the decline of the US Dollar (USD) is a significant factor driving the increase in gold prices and trading around the 1933 usd/ounce level.
On the H4 chart, there is divergence, with technical indicators pointing towards overbought levels. The Momentum indicator is at a new monthly high. However, on the daily chart, a neutral perspective is presented.
In the long term, it could be that the range of $1945 - $1947 will be an area targeted by bullish traders as well as a strong selling zone for sellers. But with today's market without news releases like this one, selling at 1933$ becomes more suitable for scalping purposes.
Today, the decline of the US Dollar (USD) is a significant factor driving the increase in gold prices and trading around the 1933 usd/ounce level.
On the H4 chart, there is divergence, with technical indicators pointing towards overbought levels. The Momentum indicator is at a new monthly high. However, on the daily chart, a neutral perspective is presented.
In the long term, it could be that the range of $1945 - $1947 will be an area targeted by bullish traders as well as a strong selling zone for sellers. But with today's market without news releases like this one, selling at 1933$ becomes more suitable for scalping purposes.
Note
At the time of the survey, DXY measured greenback fluctuations with 6 major currencies (EUR, JPY, GBP, CAD, SEK, CHF) down 0.07%; at 105.12.Note
Gold price is increasingNote
According to experts, in the long term gold still has many prospects for price increases.
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