GOLD turned down slightly but still anchored at a 5-month peak
Opening the first trading session of the week, world gold prices decreased slightly but remained anchored above the 5-month peak.
World gold price stood at 2,003 USD/ounce, down 3 USD/ounce compared to last week's closing session.
Despite a slight decline, at the beginning of the week's trading session, world gold prices were still anchored at over 2,000 USD/ounce. Gold holds firm at high levels as escalating conflict in the Middle East has prompted safe-haven buying, while investors await the US Federal Reserve's (Fed) monetary policy meeting in this week.
However, all predictions will not come true if the Fed moves to change its hawkish stance. Some analysts warn that investors should be careful with gold prices in the region of 2,000 USD/ounce because the market may adjust downwards based on the Fed's monetary policy stance, which could keep interest rates high in the meantime. longer period.
Technically, observing the technical chart in the Daily frame, we can see that the gold price has increased continuously from the 1810 threshold until now without any adjustment, the increase force is approximately 200%. If you buy according to the trend, the best buying zone is around the 1930 threshold, when the gold price breaks the trend line. If you miss the beat, wait for the price to retest this resistance zone, and the current price zone is approaching the next resistance zones. 2050-2080, in my personal opinion, this area will no longer be a buying area.
World gold price stood at 2,003 USD/ounce, down 3 USD/ounce compared to last week's closing session.
Despite a slight decline, at the beginning of the week's trading session, world gold prices were still anchored at over 2,000 USD/ounce. Gold holds firm at high levels as escalating conflict in the Middle East has prompted safe-haven buying, while investors await the US Federal Reserve's (Fed) monetary policy meeting in this week.
However, all predictions will not come true if the Fed moves to change its hawkish stance. Some analysts warn that investors should be careful with gold prices in the region of 2,000 USD/ounce because the market may adjust downwards based on the Fed's monetary policy stance, which could keep interest rates high in the meantime. longer period.
Technically, observing the technical chart in the Daily frame, we can see that the gold price has increased continuously from the 1810 threshold until now without any adjustment, the increase force is approximately 200%. If you buy according to the trend, the best buying zone is around the 1930 threshold, when the gold price breaks the trend line. If you miss the beat, wait for the price to retest this resistance zone, and the current price zone is approaching the next resistance zones. 2050-2080, in my personal opinion, this area will no longer be a buying area.
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