Gold continues to decrease in the new week
Hello everyone!
Overall, the beginning of the week's trading session still favors the bearish side as gold opened at $1938. The tension in the Middle East has not had a significant impact on gold prices. Despite Israel's ongoing ground attacks on Gaza in the new conflict with Hamas, the conflict has been contained so far.
On the 4-hour chart, the price has surpassed two previous support levels, indicating a potential Dow Theory confirmation. Therefore, I expect the price to retrace back to $1915 once it completes its short-term correction. Hence, the trend for this week is bearish. What are your thoughts on this? Do you agree with me?
Overall, the beginning of the week's trading session still favors the bearish side as gold opened at $1938. The tension in the Middle East has not had a significant impact on gold prices. Despite Israel's ongoing ground attacks on Gaza in the new conflict with Hamas, the conflict has been contained so far.
On the 4-hour chart, the price has surpassed two previous support levels, indicating a potential Dow Theory confirmation. Therefore, I expect the price to retrace back to $1915 once it completes its short-term correction. Hence, the trend for this week is bearish. What are your thoughts on this? Do you agree with me?
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