The price of gold continues to rise due to political tensions in the Middle East. This raises expectations that the Federal Reserve (Fed) will cut interest rates in the near future. Lower interest rates can make currency depreciate, making risk-free assets like gold more attractive.
On the 4-hour chart, the price of gold is stable above the Simple Moving Averages (SMA) 20, 50, and 100, indicating that the upward trend is still intact. The Relative Strength Index (RSI) is currently above 50, indicating the strength of this upward trend. This suggests that despite possible short-term fluctuations, the long-term trend of the gold market remains stable and has growth potential.
On the 4-hour chart, the price of gold is stable above the Simple Moving Averages (SMA) 20, 50, and 100, indicating that the upward trend is still intact. The Relative Strength Index (RSI) is currently above 50, indicating the strength of this upward trend. This suggests that despite possible short-term fluctuations, the long-term trend of the gold market remains stable and has growth potential.
