XauUSD - Maintain a good increase in 1980 USD
Hello everyone!
Today, gold has seen a slight increase in price as people speculate that the Federal Reserve (Fed) will have a softer monetary policy. As a result, the value of the USD has cooled off a bit.
However, the upward momentum of gold has been restrained as the USD continues to rise due to the challenging economic conditions in many countries and the tendency of their central banks to loosen monetary policies.
At the time of writing, the price of gold is trading at $1988. The resistance level is seen at $1992, and there is a possibility that gold will retreat from this level and seek support around $1972. If it respects this support level, there is a potential for gold to increase towards the medium-term target of $2005 by next year.
Today, gold has seen a slight increase in price as people speculate that the Federal Reserve (Fed) will have a softer monetary policy. As a result, the value of the USD has cooled off a bit.
However, the upward momentum of gold has been restrained as the USD continues to rise due to the challenging economic conditions in many countries and the tendency of their central banks to loosen monetary policies.
At the time of writing, the price of gold is trading at $1988. The resistance level is seen at $1992, and there is a possibility that gold will retreat from this level and seek support around $1972. If it respects this support level, there is a potential for gold to increase towards the medium-term target of $2005 by next year.
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Comment:
Gold does not react to weak work data because the market is still interested in the decision of policies and views of the US Federal Reserve (Fed) recently.
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