Lauuriel

Gold price continues to adjust!

Lauuriel Updated   
OANDA:XAUUSD   Gold Spot / U.S. Dollar
Warm greetings, precious metal aficionados! Today, gold steadfastly holds its elevated position despite a slight adjustment, signaling the fervor of its ascent is far from cooling.

Currently, gold trades around $2250, a modest dip of 150 pips from yesterday, navigating through adjustments after its vigorous rally.

Looking ahead, gold remains bolstered by the safe-haven demand amidst anticipations of an early rate cut by the Fed. The ongoing geopolitical tensions exacerbate economic downturns in several countries, prompting investors to flock towards gold. However, in the short term, a new peak seems to be forming at this high price zone, and a declining trendline is emerging. Should it follow the pattern, gold might revisit the EMA 89 if the support level at $2235 is breached.

Today, let's lean towards a selling stance, wishing everyone a delightful and profitable trading session!
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