Is it time to sell gold or it will rise more?
It is not yet the right time to say that we can sell gold through technical analysis, saying gold price reached its trendline resistance or swing zone.
The Russia-Ukraine crisis is not over yet. There is no doubt that inflation will rise if the oil prices rise further.
If the oil price goes up, the price of any product will go up, and the consumer will be out of purchasing power. This will hinder economic growth, it is confirmed.
No matter what you say, cryptocurrency, stocks, bonds, or anything else, nothing works as an inflation hedge like gold. Gold is still the most trusted asset among investors and traders during any crisis, inflation, and hampered economic growth.
As long as the gold price is above $1830, we can't sell gold in the long term.
Immediate resistance from the current gold rate is $1904. And there is a trendline resistance from $1904 to $1917. So, I guess gold can still test until 1917.
After testing 1917, we will see a profit-taking bias between investors and traders. So, it has a chance gold may drop from the $1917 price zone, maybe not before that.
And if war tension rises more between Russia and Ukraine, then it is a matter of time for the gold to test $1955/1960. But I still don't think Russia will fight directly.
Russia will create panic with threats and troops to prevent Ukraine from joining NATO. But as long as the Russia and Ukraine issues exist, it is typical for the gold price to rise.
On the other hand, if Ukraine announces today, They will not join NATO. Then there is no doubt that gold will drop just as it has risen to prominence.
However, as long as the xau/usd price is above $1830, the gold price will remain in the uptrend.
Gold's support is identified at $1876 from the current price. If the gold price breaks below, we may enter sell mode till $1853, and finally, $1830 is the last target to the downside.
If you like my analysis, please like, comment and share.
The Russia-Ukraine crisis is not over yet. There is no doubt that inflation will rise if the oil prices rise further.
If the oil price goes up, the price of any product will go up, and the consumer will be out of purchasing power. This will hinder economic growth, it is confirmed.
No matter what you say, cryptocurrency, stocks, bonds, or anything else, nothing works as an inflation hedge like gold. Gold is still the most trusted asset among investors and traders during any crisis, inflation, and hampered economic growth.
As long as the gold price is above $1830, we can't sell gold in the long term.
Immediate resistance from the current gold rate is $1904. And there is a trendline resistance from $1904 to $1917. So, I guess gold can still test until 1917.
After testing 1917, we will see a profit-taking bias between investors and traders. So, it has a chance gold may drop from the $1917 price zone, maybe not before that.
And if war tension rises more between Russia and Ukraine, then it is a matter of time for the gold to test $1955/1960. But I still don't think Russia will fight directly.
Russia will create panic with threats and troops to prevent Ukraine from joining NATO. But as long as the Russia and Ukraine issues exist, it is typical for the gold price to rise.
On the other hand, if Ukraine announces today, They will not join NATO. Then there is no doubt that gold will drop just as it has risen to prominence.
However, as long as the xau/usd price is above $1830, the gold price will remain in the uptrend.
Gold's support is identified at $1876 from the current price. If the gold price breaks below, we may enter sell mode till $1853, and finally, $1830 is the last target to the downside.
If you like my analysis, please like, comment and share.
Comment:
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