Gold trading strategy this weekDear traders!
World gold prices tend to increase with spot gold increasing by 2.4 USD compared to last week's closing level to 2,335.7 USD/ounce.
Last week, world gold prices continuously "plunged" after breaking all the records conquered in April. Kitco News's latest weekly gold survey results showed that more than three-quarters of experts believe gold prices are stable or will fall in the near term, while half of retail traders still believe the precious metal could move higher in the coming days.
Looking at gold's fluctuations last week, I personally still maintain my belief that gold is likely to decrease this week. The reason gold set a record high early last week at 2,450 USD/ounce was because the market reacted to information related to the accident that claimed the life of the President of Iran. However, the strength of the USD caused gold to be sold off and plummet to nearly 2,300 USD/ounce. It is expected that in the near future, after touching gold's initial resistance level this week at 2,375 USD/ounce and retesting the 34.89 EMA levels, a pullback will occur, evidence showing the possibility of solidity should aim for the Support level between 2,275 USD and 2,300 USD/ounce because this is a strong EMA confluence.