GOLD - Long-term bearish target is about to begin
Gold is anticipating a slight downward adjustment, with a target of $1916 before breaking out to the $1933 price range from a technical perspective.
The $1925 price level is an important milestone for the Bears to maintain control. In case the $1925 level is breached, achieving the levels of $1930 and $1935 will be relatively easy.
The continuous decline in US Treasury bond yields has caused the US Dollar (USD) to move further away from its three-month peak. This is believed to be driving some flow towards gold prices.
A BUY scalping strategy will be updated around the $1916 price range for today's European session.
The $1925 price level is an important milestone for the Bears to maintain control. In case the $1925 level is breached, achieving the levels of $1930 and $1935 will be relatively easy.
The continuous decline in US Treasury bond yields has caused the US Dollar (USD) to move further away from its three-month peak. This is believed to be driving some flow towards gold prices.
A BUY scalping strategy will be updated around the $1916 price range for today's European session.
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Gold still stands at 1,900 USD/ounce. This is a very important psychological support level. Demand usually increases again when gold closes to this level.
