Gold trading strategy today!Gold prices climbed higher on Tuesday, rebounding from a two-week low of $2,325. This surge in the yellow metal was bolstered by a softer US dollar and a safe-haven flow amidst ongoing geopolitical tensions in the Middle East.
In terms of trends, gold still faces short to medium-term downward pressure as it hovers around the $2,360 mark due to confluence concerns. However, if gold buyers manage to reclaim control above the $2,365 barrier, we might see a new high, potentially reaching $2,384 by May 24.
On the flip side, for gold sellers to extend the downward trend, they need to break through the support at $2,325. The next buffer zone is aligned at $2,300, and dropping below this level could see a test of the low at $2,283.
What are your thoughts on this potential movement in gold prices?