Gold increased slightly today but is still under pressure
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Hello everyone, it's nice to meet you again to share about the gold market today.
Currently, gold prices increased slightly with spot gold increasing by 8.1 USD/ounce to 1,933.4 USD/ounce.
From a technical perspective: on the H4 timeframe of Gold we can see that it is in a downtrend. So we need to stick to the trend and aim lower. If that happens, gold will likely reach $1,909 as the US economy continues to grow and inflationary pressures ease.
Currently, gold prices increased slightly with spot gold increasing by 8.1 USD/ounce to 1,933.4 USD/ounce.
From a technical perspective: on the H4 timeframe of Gold we can see that it is in a downtrend. So we need to stick to the trend and aim lower. If that happens, gold will likely reach $1,909 as the US economy continues to grow and inflationary pressures ease.
Nota
The price increased sharply, surpassing the 1930 mark. Today or tomorrow the price will reach the next resistance mark 1940-1942. The SELL item in this area will be activatedDear friends,
Nota
Gold prices increased short-term this week but were affected by information about the FED's upcoming interest rate increase. But recent results show that the world's No. 1 economy is gradually recovering quickly in the second half of 2023. Therefore, it may be the reason why Gold will decline in the near future, with the possibility of gold returning below 1900. .Nota
good luck traders.Nota
In Darius's opinion, there is a high possibility that Gold can still increase in the short term because the Fed has not yet applied to increase interest rates. In that case Gold could return to $1,950 per ounce.Nota
How are you trading?Nota
The DXY index (which measures the greenback's fluctuations against 6 major world currencies) traded at 105.5 points.
Nota
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