XAUUSD - Increase prices but not sure
Hello, I'm delighted to discuss the XAUUSD market with you today!
As of the close of yesterday, the gold market experienced a notable uptick, soaring from $2016 to $2041—a $25 increase in just a few hours.
The current price stands at $2035, and technical analysis suggests that despite recent support for a price increase, the long-term trend seems to be on a downward trajectory within a descending channel. The $2045 resistance level, marking the upper boundary of this channel, could serve as a crucial point for bears to initiate the next price decline. In such a scenario, it's possible for gold to revisit the $19xx range once again.
What's your take? Do you foresee a decrease in gold prices, or do you believe it could break out of this trend?
As of the close of yesterday, the gold market experienced a notable uptick, soaring from $2016 to $2041—a $25 increase in just a few hours.
The current price stands at $2035, and technical analysis suggests that despite recent support for a price increase, the long-term trend seems to be on a downward trajectory within a descending channel. The $2045 resistance level, marking the upper boundary of this channel, could serve as a crucial point for bears to initiate the next price decline. In such a scenario, it's possible for gold to revisit the $19xx range once again.
What's your take? Do you foresee a decrease in gold prices, or do you believe it could break out of this trend?
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