As of now gold is trading at $3,321.60 per ounce, down $44.20 or about 1.31% on the day. The session has seen a low of $3,317.40 . This pullback follows recent volatility, with gold having reached a yearly high of supply roof and yearly demand floor .
Gold is experiencing a correction after a strong rally last week, which was driven by safe-haven demand amid US economic uncertainty and a weaker dollar.
the break out of the 1hr ascending trendline and retest is a sell confirmation with target 3287,3304,
The short-term trend is slightly bearish with strong supplyroof at $3,365–$3,371; a move above this could target $3,435 and the all-time high at $3,500.
The price action is being influenced by easing trade tensions (such as the delay of US tariffs on Europe), expectations of Fed rate cuts, and ongoing geopolitical risks.
the sudden rise of dxy yesterday on the descending trendline demand floor helped restore temporary buying power
Summary:
Gold is currently consolidating after a recent surge, with prices slightly lower today.its best to watch further US economic data and Fed signals, as well as geopolitical developments, to determine the next significant move with a clear directional bias.
#gold #chart
Gold is experiencing a correction after a strong rally last week, which was driven by safe-haven demand amid US economic uncertainty and a weaker dollar.
the break out of the 1hr ascending trendline and retest is a sell confirmation with target 3287,3304,
The short-term trend is slightly bearish with strong supplyroof at $3,365–$3,371; a move above this could target $3,435 and the all-time high at $3,500.
The price action is being influenced by easing trade tensions (such as the delay of US tariffs on Europe), expectations of Fed rate cuts, and ongoing geopolitical risks.
the sudden rise of dxy yesterday on the descending trendline demand floor helped restore temporary buying power
Summary:
Gold is currently consolidating after a recent surge, with prices slightly lower today.its best to watch further US economic data and Fed signals, as well as geopolitical developments, to determine the next significant move with a clear directional bias.
#gold #chart
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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.
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.