Is This the Time for Gold to Crash?
Gold prices are currently testing key support after a strong US jobs report strengthened the US dollar, putting downward pressure on the yellow metal. Market volatility could continue if the geopolitical situation remains stable and there are no major changes.
On the chart, gold is trading below the middle Bollinger Bands, which is an indication that selling pressure could continue, especially if the price breaks below the current support area. In that case, the next price target could be the bottom of the lower Bollinger Bands, around the $2,580 area. Traders should keep a close eye on these support levels and be alert for any signs of a recovery, as the current chart suggests that there could be more room to fall.
On the chart, gold is trading below the middle Bollinger Bands, which is an indication that selling pressure could continue, especially if the price breaks below the current support area. In that case, the next price target could be the bottom of the lower Bollinger Bands, around the $2,580 area. Traders should keep a close eye on these support levels and be alert for any signs of a recovery, as the current chart suggests that there could be more room to fall.
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