Gold continues to cause new surprises
Updated
Hello dear friends!
The session started with a rapid increase in the price of gold, reaching as high as $2150 at one point, but quickly retreated and is currently stable around $2060.
As a result, the price of gold has been rising rapidly for two consecutive months due to the conflict in the Middle East, which has increased the demand for safe-haven assets. The expected decrease in interest rates also supports the gold market, as low interest rates will push down the value of the USD, making gold more attractive to buyers.
However, there may still be a correction phase ahead. The current support level is set at $2036, while the resistance level is at $2071. If gold manages to surpass the current support level, it may retest the $2000 range once again!
The session started with a rapid increase in the price of gold, reaching as high as $2150 at one point, but quickly retreated and is currently stable around $2060.
As a result, the price of gold has been rising rapidly for two consecutive months due to the conflict in the Middle East, which has increased the demand for safe-haven assets. The expected decrease in interest rates also supports the gold market, as low interest rates will push down the value of the USD, making gold more attractive to buyers.
However, there may still be a correction phase ahead. The current support level is set at $2036, while the resistance level is at $2071. If gold manages to surpass the current support level, it may retest the $2000 range once again!
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