Currently, gold is trading with a stable recovery above the support level of $2030. At the time of writing, the price is trading at $2047, indicating a significant increase in price at the current time.
On the analysis chart: Gold has broken the support level of $2059 and started a downward trend. Therefore, the stronger US dollar and higher US bond yields are putting pressure on the yellow metal.
Regarding the outlook: Gold is currently experiencing a slight recovery towards the previously broken resistance area. However, with the market still in a downward price control, any breakout action could quickly push gold down to the defensive level of $2020
Welcome to the TradingView community. Good work on your first analysis. Refer this for guidance. tradingview.com/support/solutions/43000603748-how-to-post-awesome-ideas-and-get-lots-of-likes/
Welcome to the TradingView community. Good work on your first analysis.
Refer this for guidance. tradingview.com/support/solutions/43000603748-how-to-post-awesome-ideas-and-get-lots-of-likes/
regards,
Vanathi