XAUUSD: Bulls and bears vie for lower levels
Hello wonderful friends of Ralph Benjamin!
Overall, gold prices have recovered strongly, opening at $2,361 per ounce - up $17 from last week's closing price. This rise continues on the basis of high interest in gold as a hedge asset. Amid geopolitical and economic issues, gold could theoretically continue to grow.
The technical chart shows that gold remains strong, trading continuously above the EMA 34 and 89. I expect the price to bounce back around the 2400 USD mark with a bounce. If the price quickly returns to the $2,330 support level that is solidifying the current uptrend, a break below this level would not be surprising. What is your goal?
Overall, gold prices have recovered strongly, opening at $2,361 per ounce - up $17 from last week's closing price. This rise continues on the basis of high interest in gold as a hedge asset. Amid geopolitical and economic issues, gold could theoretically continue to grow.
The technical chart shows that gold remains strong, trading continuously above the EMA 34 and 89. I expect the price to bounce back around the 2400 USD mark with a bounce. If the price quickly returns to the $2,330 support level that is solidifying the current uptrend, a break below this level would not be surprising. What is your goal?
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