How should gold be traded in the new week?
Updated
Gold prices at the beginning of the week continued to trade stably around 1981 USD without too many changes compared to the closing session last Friday.
In general, on the 4-hour chart, the uptrend is still prioritized with the EMA 34 reversing. Along with that, the USD is under strong selling pressure that continues to last until today and this plays an important advantage for gold prices.
Looking at gold in the long term, we remain optimistic about the precious metal even though purchasing power due to concerns related to geopolitical tensions that helped push gold back to the $2,000/ounce level is gradually drying up. But many expect interest rates to change when inflation cools down, the need to buy gold from central banks combined with concerns about economic recession will be solid support factors for gold in the near future.
In general, on the 4-hour chart, the uptrend is still prioritized with the EMA 34 reversing. Along with that, the USD is under strong selling pressure that continues to last until today and this plays an important advantage for gold prices.
Looking at gold in the long term, we remain optimistic about the precious metal even though purchasing power due to concerns related to geopolitical tensions that helped push gold back to the $2,000/ounce level is gradually drying up. But many expect interest rates to change when inflation cools down, the need to buy gold from central banks combined with concerns about economic recession will be solid support factors for gold in the near future.
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