Does gold have a chance to increase again?
Updated
Brian greets everyone! Today, the Relative Strength Index (RSI) in 14 days continues to indicate oversold levels, supporting the continuous rise in the price of Gold.
Gold buyers are now targeting the resistance level, transitioning from the support level at $1,850. If the immediate resistance at $1,831 is breached, it could further fuel the recovery of Gold's price, potentially challenging the highest level reached on September 28th and 29th, which is $1,880.
To negate downward pressure on prices in the future, Gold buyers need to sustain above the $1,850 mark. On the other hand, for Gold to reach the significant support level at $1,810, it will need to break below the Tuesday low of $1,815. The crucial support level was last recorded on March 8th. The $1,800 threshold will be a level to overcome for Gold sellers.
Gold buyers are now targeting the resistance level, transitioning from the support level at $1,850. If the immediate resistance at $1,831 is breached, it could further fuel the recovery of Gold's price, potentially challenging the highest level reached on September 28th and 29th, which is $1,880.
To negate downward pressure on prices in the future, Gold buyers need to sustain above the $1,850 mark. On the other hand, for Gold to reach the significant support level at $1,810, it will need to break below the Tuesday low of $1,815. The crucial support level was last recorded on March 8th. The $1,800 threshold will be a level to overcome for Gold sellers.
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