Gold price continues to skyrocket
Hello, dear friends! Let's review last week's gold prices and discuss a new strategy for the upcoming week with me !
At the start of the week, gold prices were relatively subdued, mostly moving sideways around the $2030 mark with resistance at $2035. However, towards the end of the week, gold gained significant buying momentum, breaking through several key resistance levels, soaring from $2025 to $2088, and currently pausing at $2082.
This surge is in response to new economic data from major economies, including the US, Europe, and China, prompting investors to aggressively purchase this precious metal to safeguard their investments, pushing gold to its highest levels in recent months.
Strategy for the next week:
Based on chart analysis, gold has exceeded the $2065 resistance and is approaching $2090 but faces a cap as previously indicated on the chart. A minor retracement is anticipated as the new trading week commences, likely to hover around the 0.5 - 0.618 Fibonacci zone (equivalent to the prior $2065 level), to test the new support area and evaluate the 34 and 89 EMAs after a significant rally.
Wishing everyone joyful and successful trading ahead.
At the start of the week, gold prices were relatively subdued, mostly moving sideways around the $2030 mark with resistance at $2035. However, towards the end of the week, gold gained significant buying momentum, breaking through several key resistance levels, soaring from $2025 to $2088, and currently pausing at $2082.
This surge is in response to new economic data from major economies, including the US, Europe, and China, prompting investors to aggressively purchase this precious metal to safeguard their investments, pushing gold to its highest levels in recent months.
Strategy for the next week:
Based on chart analysis, gold has exceeded the $2065 resistance and is approaching $2090 but faces a cap as previously indicated on the chart. A minor retracement is anticipated as the new trading week commences, likely to hover around the 0.5 - 0.618 Fibonacci zone (equivalent to the prior $2065 level), to test the new support area and evaluate the 34 and 89 EMAs after a significant rally.
Wishing everyone joyful and successful trading ahead.
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