Gold successfully defended 2400 USD and continued to go up
Dear traders! On the 4-hour timeframe we notice an Elliott wave structure in classic technical analysis. Theoretically, the price will strengthen further because the outlook for gold is still very optimistic in the medium and long term.
In summary, recent world news shows that gold prices may continue to reach many new records in the context of a decline in the USD and bond yields. At the same time, the geopolitical situation in the world has many negative fluctuations, which is also strongly supporting gold prices. Besides, the US economy is slowing down and that will further strengthen the ability of the US Federal Reserve (Fed) to loosen monetary policy, as a motivation for buyers to continue promoting realization. growth.
Overall, After peaking at 2450 USD, the price has retreated to near the support area of 2400 USD coinciding with the high value level. The support area is defended by the bulls with the aim of distribution and the exponential moving average EMA 34.89. This combination of technical factors suggests the price may be entering an accumulation phase, suggesting the potential for a new high driven by a bullish impulse targeting at least the $2500 range.
In summary, recent world news shows that gold prices may continue to reach many new records in the context of a decline in the USD and bond yields. At the same time, the geopolitical situation in the world has many negative fluctuations, which is also strongly supporting gold prices. Besides, the US economy is slowing down and that will further strengthen the ability of the US Federal Reserve (Fed) to loosen monetary policy, as a motivation for buyers to continue promoting realization. growth.
Overall, After peaking at 2450 USD, the price has retreated to near the support area of 2400 USD coinciding with the high value level. The support area is defended by the bulls with the aim of distribution and the exponential moving average EMA 34.89. This combination of technical factors suggests the price may be entering an accumulation phase, suggesting the potential for a new high driven by a bullish impulse targeting at least the $2500 range.
Trade active
Trade active
Comment:
🌟 Don't miss the opportunity to receive CONTINUOUS trading signals and FREE support!
🌟 Always update market information and knowledge every day!
🌟 Join now to receive special offers!
Click here:
t.me/+PfOGYbx-krowZWZl
🌟 Always update market information and knowledge every day!
🌟 Join now to receive special offers!
Click here:
t.me/+PfOGYbx-krowZWZl
