Gold "Cools Down" After a Hot Rally
Hello everyone. Let’s analyze today’s gold price together!
Gold prices have slightly decreased today, pausing after gaining more than 1% in the previous session. The upward momentum of gold appears to be stalling, and the market is now "waiting" for U.S. labor data and speeches from several Federal Reserve (Fed) officials to gain more insight into the agency's policy stance.
Looking at the technical chart, selling pressure on gold is steadily increasing. Gold is fluctuating around $2,655 per ounce and showing signs of weakening. Support at $2,647, which was once expected to be a strong point for gold's recovery, has now become fragile. The 34 and 89 EMAs are forming a significant barrier, preventing gold from rising. In fact, the possibility of gold breaking below the $2,647 support level and dropping further in the short term is entirely plausible.
Gold prices are currently in a tug of war with many influencing factors. What do you think about today’s gold price?
Gold prices have slightly decreased today, pausing after gaining more than 1% in the previous session. The upward momentum of gold appears to be stalling, and the market is now "waiting" for U.S. labor data and speeches from several Federal Reserve (Fed) officials to gain more insight into the agency's policy stance.
Looking at the technical chart, selling pressure on gold is steadily increasing. Gold is fluctuating around $2,655 per ounce and showing signs of weakening. Support at $2,647, which was once expected to be a strong point for gold's recovery, has now become fragile. The 34 and 89 EMAs are forming a significant barrier, preventing gold from rising. In fact, the possibility of gold breaking below the $2,647 support level and dropping further in the short term is entirely plausible.
Gold prices are currently in a tug of war with many influencing factors. What do you think about today’s gold price?
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