What is noteworthy about gold prices this week?
Updated
In the first trading session of the new week, gold prices experienced a slight correction, slipping below the 2,500 USD mark and losing over 7 USD during the day.
This decline occurred alongside the recovery of the US dollar since the end of last week, which has diminished gold's appeal to investors.
Technical analysis indicates that the precious metal has exited its upward channel and has entered a phase of accumulation within a narrow range, leaving the next trend unclear. Given the current trajectory, gold may see further short-term declines and continue to consolidate or adjust ahead of the September monetary policy meeting. However, if buyers can successfully defend the support level around 2,450 USD, the opposite trend may unfold, leading to a reinforced upward movement.
This decline occurred alongside the recovery of the US dollar since the end of last week, which has diminished gold's appeal to investors.
Technical analysis indicates that the precious metal has exited its upward channel and has entered a phase of accumulation within a narrow range, leaving the next trend unclear. Given the current trajectory, gold may see further short-term declines and continue to consolidate or adjust ahead of the September monetary policy meeting. However, if buyers can successfully defend the support level around 2,450 USD, the opposite trend may unfold, leading to a reinforced upward movement.
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Global gold prices have declined, with spot gold falling by $4.3 to $2,500 per ounce.
The gold market remained stable during the U.S. Labor Day holiday. However, prices saw a slight decrease due to the recovery of the U.S. dollar. Investors are now waiting for crucial U.S. employment data, which is expected to solidify expectations regarding the size of the Federal Reserve’s (Fed) interest rate cuts anticipated later this month.
On the technical side: In the short term, gold may undergo further corrections, facing resistance due to the confluence with the EMA around $2,507. In this scenario, I expect the price to reach the $2,470 area before the upward trend has a chance to resume.
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Hey everyone, it’s Brian here! So, what do you think – should we buy or sell gold today?
Yesterday, after some key news releases, gold managed to bounce back and break through the critical psychological level of $2500. However, from a long-term perspective, gold is still trading within a range and hasn’t shown any decisive breakout just yet.
Looking ahead, the bulls are doing an excellent job defending key support levels and keeping prices elevated. This suggests we might see gold continue its upward trend in the near future.
I’m targeting even higher prices – what about you? Where do you think gold is headed? Let’s hear your thoughts!
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