Hello everyone! Are you curious about the market in the new week? Let's explore it together with Selena!
Currently, at the beginning of the new trading session, gold has experienced a slight decrease of $2.5 and is trading around $1922.85 per ounce. Gold is facing difficulties as it encounters a resistance zone at $1925.
However, when looking at the chart, the uptrend line has formed. The Relative Strength Index (RSI) indicator over 14 days is just below the 50 level, raising doubts about the recovery of the gold price.
Selena believes that this will be a week of price increase for this precious metal, as it may reach the $1950 level in the near future by touching the trendline and receiving support at $1920.
Currently, at the beginning of the new trading session, gold has experienced a slight decrease of $2.5 and is trading around $1922.85 per ounce. Gold is facing difficulties as it encounters a resistance zone at $1925.
However, when looking at the chart, the uptrend line has formed. The Relative Strength Index (RSI) indicator over 14 days is just below the 50 level, raising doubts about the recovery of the gold price.
Selena believes that this will be a week of price increase for this precious metal, as it may reach the $1950 level in the near future by touching the trendline and receiving support at $1920.
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How do you feel about the market today? Comment to share with Selena!
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The bullish trend in gold prices was evident last week when despite rising bond yields and the USD, gold remained very resilient.
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Gold has dropped to the trendline area of 1915 USD
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Last week, the FED kept interest rates unchanged at 5.25% - 5.5% but still maintained the view that interest rates will increase by 0.25 percentage points by the end of 2023.
