Hello everyone!
Today, the price of gold touched the levels of 2034 and 2036 USD at the beginning of Wednesday and is still mainly trading sideways as of the time of writing, although it is receiving strong support from the 2015 USD level and breaking out of the previous downtrend channel.
Overall, the US dollar is regaining its position in the context of risk aversion sentiment, despite the decrease in US Treasury bond yields. All eyes are now focused on the Fed's decision on a new direction for Gold prices that does not bring profits.
The daily chart shows XAU/USD trading in green for the second consecutive day as buyers gain confidence. Upon careful observation, we have noticed that gold has surpassed both the 34-day and 89-day exponential moving averages (EMA), but lacks enough strength to confirm an expanding uptrend.
Currently, gold is trading near the resistance level of 2040 USD. Breaking above this resistance level will open up opportunities for further price increases in this precious metal, reaching higher levels at 2055 and 2088 USD.
Today, the price of gold touched the levels of 2034 and 2036 USD at the beginning of Wednesday and is still mainly trading sideways as of the time of writing, although it is receiving strong support from the 2015 USD level and breaking out of the previous downtrend channel.
Overall, the US dollar is regaining its position in the context of risk aversion sentiment, despite the decrease in US Treasury bond yields. All eyes are now focused on the Fed's decision on a new direction for Gold prices that does not bring profits.
The daily chart shows XAU/USD trading in green for the second consecutive day as buyers gain confidence. Upon careful observation, we have noticed that gold has surpassed both the 34-day and 89-day exponential moving averages (EMA), but lacks enough strength to confirm an expanding uptrend.
Currently, gold is trading near the resistance level of 2040 USD. Breaking above this resistance level will open up opportunities for further price increases in this precious metal, reaching higher levels at 2055 and 2088 USD.
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Goal 1 was impressively completed after today's news.
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📈 Forex & XAU/USD Channel:
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