Preferred direction: BUY
Comment: The drop in tensions in the Middle East may have a negative impact on gold, but the technical part indicates the next surge upward. The US dollar is expected to continue to weaken, which could also strengthen gold's position. We are considering two long scenarios, where the most likely scenario №1 indicates a fall first before growth towards the level of 2450. The unlikely scenario №2 assumes an increase from current prices.
In the future, we can consider a target near the 2500 level.
Additional comments on this trade will be provided as situation changes. Follow us!
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Comment: The drop in tensions in the Middle East may have a negative impact on gold, but the technical part indicates the next surge upward. The US dollar is expected to continue to weaken, which could also strengthen gold's position. We are considering two long scenarios, where the most likely scenario №1 indicates a fall first before growth towards the level of 2450. The unlikely scenario №2 assumes an increase from current prices.
In the future, we can consider a target near the 2500 level.
Additional comments on this trade will be provided as situation changes. Follow us!
Thank you for like and share your views!
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