Technical Analysis: Short-term Price Increase Outlook
The price of gold is hovering around the $2,300 mark. The reduction in geopolitical tensions, coupled with an increase in USD purchases, has influenced the volatility of gold prices.
From a technical perspective, although there are signs of adjustment in gold prices, the Simple Moving Average (SMA) 20 is pointing downwards, indicating a potential slight increase in prices in the near future. However, advancing towards higher price levels is still being constrained by the SMA 100, which serves as a strong support level in determining the long-term market trend.
From a technical perspective, although there are signs of adjustment in gold prices, the Simple Moving Average (SMA) 20 is pointing downwards, indicating a potential slight increase in prices in the near future. However, advancing towards higher price levels is still being constrained by the SMA 100, which serves as a strong support level in determining the long-term market trend.
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