Since the onset of the middle easte conflict in October 2023, gold prices surged to an unprecedented high of 2134.85. Subsequently, gold embarked on an upward trajectory, retracing to key levels around 2006.15 and 1932.10, with 2006.15 emerging as a pivotal point.
Noteworthy instances include price rejections to the downside on October 30, 2023, and reversals to the upside on January 18, 2024, underscoring the significance of these levels. However, since December 12, 2023, gold has been ensnared within a range bounded by 1972.02 and 2089.27, stubbornly resisting breakout attempts as of March 1, 2024.
The pivotal question lingers: Will gold breach the 2089.27 zone, potentially revisiting its all-time high of 2134.85, or will it persist within the current range? The forthcoming week's price action promises further clarity. Traders and investors remain vigilant, monitoring the market for any indications of a breakout or continuation of the prevailing range-bound pattern.
Noteworthy instances include price rejections to the downside on October 30, 2023, and reversals to the upside on January 18, 2024, underscoring the significance of these levels. However, since December 12, 2023, gold has been ensnared within a range bounded by 1972.02 and 2089.27, stubbornly resisting breakout attempts as of March 1, 2024.
The pivotal question lingers: Will gold breach the 2089.27 zone, potentially revisiting its all-time high of 2134.85, or will it persist within the current range? The forthcoming week's price action promises further clarity. Traders and investors remain vigilant, monitoring the market for any indications of a breakout or continuation of the prevailing range-bound pattern.
Trade active:
Daily high has been broken gold approaching all time high of 2134.85.
I've close 50% of profit as I am continuing the swing.
I've close 50% of profit as I am continuing the swing.
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