Developments: The revival of gold in the coming time
Dear friends, The delayed recovery of US bond yields and the greenback has pushed gold prices further away from their previous highs, reaching a new two-week high around the $2050 per troy ounce mark.
The 4-hour chart also supports the upward trend. Technical indicators are higher and maintain a strong upward momentum in the positive territory. Furthermore, XAU/USD has surpassed all its moving averages (EMA).
Gold is currently receiving strong support at the $2032 level. Breaking below this level would lead to a significant price decline, while maintaining this level would result in price increase. Upon careful observation, it can be seen that this precious metal has surpassed the resistance level of both aforementioned moving averages. Both short-term and medium-term prospects indicate a strengthening upward trend.
A buying strategy is recommended when prices continue to decline.
Short-term price levels to consider are:
-Support levels: $2038.90, $2022.60, $2007.20
-Resistance levels: $2056.10, $2071.30, $2085.40
The 4-hour chart also supports the upward trend. Technical indicators are higher and maintain a strong upward momentum in the positive territory. Furthermore, XAU/USD has surpassed all its moving averages (EMA).
Gold is currently receiving strong support at the $2032 level. Breaking below this level would lead to a significant price decline, while maintaining this level would result in price increase. Upon careful observation, it can be seen that this precious metal has surpassed the resistance level of both aforementioned moving averages. Both short-term and medium-term prospects indicate a strengthening upward trend.
A buying strategy is recommended when prices continue to decline.
Short-term price levels to consider are:
-Support levels: $2038.90, $2022.60, $2007.20
-Resistance levels: $2056.10, $2071.30, $2085.40
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