Gold continues its uptrend at $2,400
Dear traders!
On the H1 chart, we are witnessing a steady uptrend, with an extension of the trend, especially as the pair crosses above all of its moving averages. At the end of the trading session in the US market, the world spot gold price fluctuated around the threshold above 2,429 USD/ounce, a sharp increase of 15 USD/ounce compared to the previous trading session.
In general, continuous inflation makes investors concerned about risk, which increases the need to buy gold for speculative purposes and capital reserves.
Today, the US will announce April existing home sales and the minutes of the April meeting of the US Federal Reserve (Fed). These are important data that can affect financial markets, including gold prices. Therefore, investors need to carefully monitor this data to have the correct investment direction.
Given the current trend, a downside is likely, with resistance seen immediately at $2435. Meanwhile, interested investors may find support at $2,400, which could provide fresh impetus to overcome resistance, as the overall outlook for gold remains very positive.
Wishing all successful traders!
On the H1 chart, we are witnessing a steady uptrend, with an extension of the trend, especially as the pair crosses above all of its moving averages. At the end of the trading session in the US market, the world spot gold price fluctuated around the threshold above 2,429 USD/ounce, a sharp increase of 15 USD/ounce compared to the previous trading session.
In general, continuous inflation makes investors concerned about risk, which increases the need to buy gold for speculative purposes and capital reserves.
Today, the US will announce April existing home sales and the minutes of the April meeting of the US Federal Reserve (Fed). These are important data that can affect financial markets, including gold prices. Therefore, investors need to carefully monitor this data to have the correct investment direction.
Given the current trend, a downside is likely, with resistance seen immediately at $2435. Meanwhile, interested investors may find support at $2,400, which could provide fresh impetus to overcome resistance, as the overall outlook for gold remains very positive.
Wishing all successful traders!
Trade active
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