Today's golden development: The price continues to increase
Hello everyone!
This week we have witnessed a significant increase in the price of gold. At one point, gold reached as high as $2010. Currently, gold is trading around $1983, remaining stable throughout the week.
However, the upward momentum of gold has been hindered as the US dollar continues to rise, with many economies around the world facing difficulties and their central banks tending to loosen monetary policies.
Selling pressure seems to be gradually increasing as we have seen little to no decline in gold over the past three trading days. On the other hand, from the analysis chart, the upward trend is still functioning well with continuous price increases and no significant signs of a substantial decline in XAUUSD that could cause it to become unstable. As long as gold maintains its strong upward momentum above the mentioned support level, it will likely experience impressive price growth in the near future.
This week we have witnessed a significant increase in the price of gold. At one point, gold reached as high as $2010. Currently, gold is trading around $1983, remaining stable throughout the week.
However, the upward momentum of gold has been hindered as the US dollar continues to rise, with many economies around the world facing difficulties and their central banks tending to loosen monetary policies.
Selling pressure seems to be gradually increasing as we have seen little to no decline in gold over the past three trading days. On the other hand, from the analysis chart, the upward trend is still functioning well with continuous price increases and no significant signs of a substantial decline in XAUUSD that could cause it to become unstable. As long as gold maintains its strong upward momentum above the mentioned support level, it will likely experience impressive price growth in the near future.
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Feel it I appreciate the decline during the day
