Hello dear friends! Gold prices continue to decline on the third day of trading, hovering around $2,021.
Gold faces selling pressure after reaching a record high of $2,152.3 per ounce on Monday. The sharp decline in gold, triggered by profit-taking, has created a significant "reversal" on the chart, indicating that the upward trend has exhausted and a medium-term market peak has formed.
The goal of speculative traders is to push prices below the strong technical support level of $2,000 per ounce.
Next, we need to wait for the release of the US non-farm payroll data on Friday. This is an important employment report that is believed to have an impact on US interest rate prospects, thereby providing more clarity on the future trend for this precious metal.
Gold faces selling pressure after reaching a record high of $2,152.3 per ounce on Monday. The sharp decline in gold, triggered by profit-taking, has created a significant "reversal" on the chart, indicating that the upward trend has exhausted and a medium-term market peak has formed.
The goal of speculative traders is to push prices below the strong technical support level of $2,000 per ounce.
Next, we need to wait for the release of the US non-farm payroll data on Friday. This is an important employment report that is believed to have an impact on US interest rate prospects, thereby providing more clarity on the future trend for this precious metal.
