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Currently, compared to the previous trading session, the price of gold has decreased by $17.2 per ounce. It is currently fluctuating around the $1970 mark.
The US Dollar Index, which measures the fluctuation of the greenback against six major currencies, is at 105.167 points (a 0.06% increase).
In addition, investors have shifted to the stock market, causing US stock indices to rise. The Nasdaq index is up 0.3% to 13,518.78 points; the S&P 500 has increased by 0.18% to 4,365.98 points; and the Dow Jones Industrial Average has risen by 34.54 points, or 0.1%, to 34,095.86 points. The US stock indices have seen 6-7 consecutive sessions of growth, making it the longest upward trend this year.
Regarding the outlook:
For gold to sustainably break through $2,000 per ounce, there needs to be clearer signals from the Fed that interest rate cuts are imminent and investors are returning to exchange-traded funds. Therefore, it currently serves as a safe haven for gold.
Analysis and technical analysis of Gold:
Exiting the price channel for two consecutive sessions has caused the value of the commodity to decrease. Currently, there is a support zone within the upward price channel, which can be observed at the $1965 level. There may be buying pressure found here as one of the current supports for gold is the strong and sustainable purchasing power of central banks. With an expected increase around the $1987 price level.
Currently, compared to the previous trading session, the price of gold has decreased by $17.2 per ounce. It is currently fluctuating around the $1970 mark.
The US Dollar Index, which measures the fluctuation of the greenback against six major currencies, is at 105.167 points (a 0.06% increase).
In addition, investors have shifted to the stock market, causing US stock indices to rise. The Nasdaq index is up 0.3% to 13,518.78 points; the S&P 500 has increased by 0.18% to 4,365.98 points; and the Dow Jones Industrial Average has risen by 34.54 points, or 0.1%, to 34,095.86 points. The US stock indices have seen 6-7 consecutive sessions of growth, making it the longest upward trend this year.
Regarding the outlook:
For gold to sustainably break through $2,000 per ounce, there needs to be clearer signals from the Fed that interest rate cuts are imminent and investors are returning to exchange-traded funds. Therefore, it currently serves as a safe haven for gold.
Analysis and technical analysis of Gold:
Exiting the price channel for two consecutive sessions has caused the value of the commodity to decrease. Currently, there is a support zone within the upward price channel, which can be observed at the $1965 level. There may be buying pressure found here as one of the current supports for gold is the strong and sustainable purchasing power of central banks. With an expected increase around the $1987 price level.
Trade active
Comment:
Coinciding with expected support for the price increase will begin
