Hello everyone! Today, gold prices are trading steadier from supportive policy measures and strong business activity data from China, which has boosted market sentiment and dampened safe-haven demand. against the US dollar, limiting its recent gains.
Furthermore, the stagnant sentiment surrounding US Treasury bond interest rates is also supporting gold prices without generating profits.
On the 4-hour time frame, we can see that Gold is in a downtrend zone therefore we can argue that Gold will have a short-term decline in the near term before exiting this downtrend. The strong resistance at $1,920 is holding and gold prices could drop to $1,900.
Gold sellers need to break this to start a new downtrend towards static support at $1,885.
Furthermore, the stagnant sentiment surrounding US Treasury bond interest rates is also supporting gold prices without generating profits.
On the 4-hour time frame, we can see that Gold is in a downtrend zone therefore we can argue that Gold will have a short-term decline in the near term before exiting this downtrend. The strong resistance at $1,920 is holding and gold prices could drop to $1,900.
Gold sellers need to break this to start a new downtrend towards static support at $1,885.
