Gold price increased dramatically at the end of the week!
Hello dear friends, let's review the gold prices of the past week and discuss new strategies for the upcoming week with Kevin!
During the beginning of the week, gold prices remained relatively stable, mainly moving sideways around the $2030 mark with a resistance level at $2035. However, in the last two days of the week, gold gained strong buying momentum and broke through some significant resistance levels, continuously rising from $2025 to $2088 and currently pausing at $2082.
The international financial market has received economic updates from major economies such as the United States, Europe, and China. As a result, investors have been actively buying precious metals to protect their capital, pushing gold prices to the highest level in months.
Looking ahead to the next week's strategy:
Based on chart analysis, gold has surpassed the $2065 resistance level and is approaching $2090, but it is encountering some limitations as indicated on the chart. It is expected to experience a slight retreat as the new trading week begins, with a projected range of 0.5 - 0.618 Fibonacci retracement (which means testing the new support area around $2065 and testing the 34 and 89 EMA lines as the price has gone too far).
Wishing you all successful and enjoyable trading!
During the beginning of the week, gold prices remained relatively stable, mainly moving sideways around the $2030 mark with a resistance level at $2035. However, in the last two days of the week, gold gained strong buying momentum and broke through some significant resistance levels, continuously rising from $2025 to $2088 and currently pausing at $2082.
The international financial market has received economic updates from major economies such as the United States, Europe, and China. As a result, investors have been actively buying precious metals to protect their capital, pushing gold prices to the highest level in months.
Looking ahead to the next week's strategy:
Based on chart analysis, gold has surpassed the $2065 resistance level and is approaching $2090, but it is encountering some limitations as indicated on the chart. It is expected to experience a slight retreat as the new trading week begins, with a projected range of 0.5 - 0.618 Fibonacci retracement (which means testing the new support area around $2065 and testing the 34 and 89 EMA lines as the price has gone too far).
Wishing you all successful and enjoyable trading!
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