GOLD 31/5 - Do you think this's a short-term bull run?
Yesterday, gold prices experienced their largest daily gain in over a week due to a decrease in the US Dollar Index and Treasury yields.
This was partly due to month-end positioning and a general sense of caution among investors.
Mixed US data also contributed to the decrease in the value of the dollar and an increase in the value of XAU/USD.
The Relative Strength Index for XAU/USD at 14 is ascending and has improved from oversold territory, which supports the rally. However, there were also bearish indicators from the Moving Averages Convergence and Divergence indicator, which prompted gold buyers.
Currently, Gold is experiencing a minor bullish correction with a target of $1975 in the short term.
Yesterday, I initiated a Buy order at $1934 and successfully hit the target at $1960. As of today, we are anticipating further growth in the value of Gold.
This was partly due to month-end positioning and a general sense of caution among investors.
Mixed US data also contributed to the decrease in the value of the dollar and an increase in the value of XAU/USD.
The Relative Strength Index for XAU/USD at 14 is ascending and has improved from oversold territory, which supports the rally. However, there were also bearish indicators from the Moving Averages Convergence and Divergence indicator, which prompted gold buyers.
Currently, Gold is experiencing a minor bullish correction with a target of $1975 in the short term.
Yesterday, I initiated a Buy order at $1934 and successfully hit the target at $1960. As of today, we are anticipating further growth in the value of Gold.
Comment:
Everything was anticipated, going according to my prediction, congratulations on our brilliant victory day at the end of the month✅
