The US dollar index rose, now above 100, before retreating slightly and fluctuating slightly, reaching 100 for the first time in two months. After a sharp drop to around 3270 on Wednesday, gold rebounded sharply today. With the US dollar breaking through 100 and the USD/JPY pair breaking through 150, gold is now struggling to maintain its position.
Thus, Quaid believes it's not appropriate to be overly bullish on gold for now. A significant decline is likely.
The 4-hour chart shows that the upper moving average resistance is currently around 3310-3315. If it breaks through 3315, it could potentially move towards 3325.
Conversely, if it fails to break through 3315 today, it could continue to consolidate in the 3315-3285 range. Waiting for new data to guide its trend.
Thus, Quaid believes it's not appropriate to be overly bullish on gold for now. A significant decline is likely.
The 4-hour chart shows that the upper moving average resistance is currently around 3310-3315. If it breaks through 3315, it could potentially move towards 3325.
Conversely, if it fails to break through 3315 today, it could continue to consolidate in the 3315-3285 range. Waiting for new data to guide its trend.
A qualified analyst should have a wolf-like sense of smell and seize every opportunity to make a profit in the market fluctuations. And I am doing this.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
A qualified analyst should have a wolf-like sense of smell and seize every opportunity to make a profit in the market fluctuations. And I am doing this.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.