Gold is motionless, waiting for the opportunity to come
Hello, Karina's amazing friends!
The price of gold is currently trading around $2022 with minimal fluctuations. Meanwhile, a broader risk sentiment and the momentum of the USD may continue to play a significant role in driving demand for XAU/USD in the absence of any market-moving economic data from the US on Monday.
On the technical analysis chart: The horizontal support level at $2015-$2010 could continue to defend against immediate downside, just before the psychological level of $2000. Breaking convincingly below that level would make gold vulnerable to testing the support area around $1982-$1981. Next is last week's low range, which if decisively broken, would favor short-term bearish momentum for traders.
The price of gold is currently trading around $2022 with minimal fluctuations. Meanwhile, a broader risk sentiment and the momentum of the USD may continue to play a significant role in driving demand for XAU/USD in the absence of any market-moving economic data from the US on Monday.
On the technical analysis chart: The horizontal support level at $2015-$2010 could continue to defend against immediate downside, just before the psychological level of $2000. Breaking convincingly below that level would make gold vulnerable to testing the support area around $1982-$1981. Next is last week's low range, which if decisively broken, would favor short-term bearish momentum for traders.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.