GOLD: XAU / USD Analysis. Gold spot under pressure!
As you know The EMA 200 Daily is very strong and psychologically divides the market into bull and bear.
At this point, the price of gold stopped by EMA 200 and bounced downwards, which means a drop in the price.
In addition, the price rebounded from the weekly level of Pivot point R2. To do this, we are just below the Trend Line, which has been with us since the 1st of June.
This is a confluence of several factors that, according to a technical analysis, tell us that the price of gold will fall this week.
However, the price will also move the fundamentals, so it is necessary to follow world events, especially the FED and the price of the dollar.
The UCT team wishes you pleasant trading.
At this point, the price of gold stopped by EMA 200 and bounced downwards, which means a drop in the price.
In addition, the price rebounded from the weekly level of Pivot point R2. To do this, we are just below the Trend Line, which has been with us since the 1st of June.
This is a confluence of several factors that, according to a technical analysis, tell us that the price of gold will fall this week.
However, the price will also move the fundamentals, so it is necessary to follow world events, especially the FED and the price of the dollar.
The UCT team wishes you pleasant trading.
