Gold is hesitant about price increases
Updated
Hello Angel
☁️Today, the price of gold is starting to experience a slight decline. The upward momentum that was seen earlier this week is gradually weakening. It has been three days since gold failed to break through the resistance level of 2000, and currently, it is trading slightly lower on the 1-hour time frame, reaching trading levels seen in 1973.
☁️The decline in gold prices can be attributed to several factors. In yesterday's trading session, prices decreased slightly as traders awaited US economic data and focused on the situation in the Middle East.
☁️Furthermore, gold prices have also decreased due to calls for de-escalation of tensions in the Hamas-Israel conflict. This decline in gold prices indicates that the demand for safe-haven assets is starting to weaken. It seems that the market is adjusting to the ongoing tensions in the Middle East. Additionally, the increase in the USD index has made gold more expensive for overseas buyers, reducing their purchasing power.
☁️Looking at the analysis chart, it can be observed that prices have been falling since the beginning of the week. Although there have been some increases, they have not been strong enough to overcome the necessary resistance levels. The exponential moving average (EMA) line is gradually narrowing its range, suggesting a potential continuation of the decline in gold prices.
☁️Today, the price of gold is starting to experience a slight decline. The upward momentum that was seen earlier this week is gradually weakening. It has been three days since gold failed to break through the resistance level of 2000, and currently, it is trading slightly lower on the 1-hour time frame, reaching trading levels seen in 1973.
☁️The decline in gold prices can be attributed to several factors. In yesterday's trading session, prices decreased slightly as traders awaited US economic data and focused on the situation in the Middle East.
☁️Furthermore, gold prices have also decreased due to calls for de-escalation of tensions in the Hamas-Israel conflict. This decline in gold prices indicates that the demand for safe-haven assets is starting to weaken. It seems that the market is adjusting to the ongoing tensions in the Middle East. Additionally, the increase in the USD index has made gold more expensive for overseas buyers, reducing their purchasing power.
☁️Looking at the analysis chart, it can be observed that prices have been falling since the beginning of the week. Although there have been some increases, they have not been strong enough to overcome the necessary resistance levels. The exponential moving average (EMA) line is gradually narrowing its range, suggesting a potential continuation of the decline in gold prices.
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