Gold: Uptrend to continue from 2650...
Updated
Hello everyone, Tom here!
As I predicted earlier, gold is becoming more attractive after the dollar entered a consolidation phase... currently at $2657.
Accordingly, expectations of additional stimulus measures from China also supported the growth of the metal's price.
The focus this week remains on the Fed's speech after signals that tensions in the Middle East are easing a bit.
From a technical perspective, gold investors need to watch the range around $2650. Because Since the opening of the session, the price has increased quite strongly, which increases the resistance to stop this increase at the next resistance level. I am assuming its formation With wave 5 and the priority is to target profit taking at 2685 - 2700 respectively.
As I predicted earlier, gold is becoming more attractive after the dollar entered a consolidation phase... currently at $2657.
Accordingly, expectations of additional stimulus measures from China also supported the growth of the metal's price.
The focus this week remains on the Fed's speech after signals that tensions in the Middle East are easing a bit.
From a technical perspective, gold investors need to watch the range around $2650. Because Since the opening of the session, the price has increased quite strongly, which increases the resistance to stop this increase at the next resistance level. I am assuming its formation With wave 5 and the priority is to target profit taking at 2685 - 2700 respectively.
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.Trade closed: target reached
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