Gold prices to fall steadily by the end of 2024
Gold prices are trending down today, falling below the critical $2,700 level and currently hovering around $2,659.
The main driver behind gold's decline is the surging USD, coupled with investor expectations that tensions in the Middle East and Ukraine may ease. Additionally, previous profit-taking and short-selling activity have further "sunk" this asset.
If this trend continues, gold may test lower support levels around $2,603, after revisiting the 0.786 Fibonacci level and declining in line with the Elliott Wave 5. Investors are advised to seize short-selling opportunities while closely monitoring market movements in the coming period!
The main driver behind gold's decline is the surging USD, coupled with investor expectations that tensions in the Middle East and Ukraine may ease. Additionally, previous profit-taking and short-selling activity have further "sunk" this asset.
If this trend continues, gold may test lower support levels around $2,603, after revisiting the 0.786 Fibonacci level and declining in line with the Elliott Wave 5. Investors are advised to seize short-selling opportunities while closely monitoring market movements in the coming period!
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