Strong Recovery After Prolonged Downtrend
Cập nhật
Gold prices have recovered strongly to $2,610/ounce in today's trading session, up $48 in just the past 24 hours. This move shows increased bottom-fishing demand after the precious metal fell a total of more than 120/ounce in the previous five trading sessions.
Technical Analysis
Looking at the gold price chart, the EMA 34 and EMA 89 still show a medium-term downtrend. However, the current strong bullish candle is challenging these dynamic resistance levels. If gold continues to surpass $2,620, the uptrend could extend to the resistance zone near $2,650.
On the contrary, if it fails to stay above $2,600, the possibility of a reversal back to the support zone of $2,560 is quite high.
Fundamentals Support
Geopolitical situation: Escalating tensions in the Ukraine region with the participation of long-range weapons from the US and military moves from Russia and North Korea have boosted safe-haven demand for gold.
Bullish forecast: A report from Goldman Sachs with a forecast of gold prices reaching $3,000/ounce by the end of 2025 is creating positive sentiment for the market.
Bargain hunting demand: After a series of sharp declines, large financial institutions have started to increase purchases, pushing gold prices up rapidly.
Review
Based on the above factors, I expect gold prices to retest the important resistance zone at $2,650 in the short term. However, it is necessary to closely monitor the market's reaction at the $2,620 area. If the breakout fails, selling pressure may reappear.
Technical Analysis
Looking at the gold price chart, the EMA 34 and EMA 89 still show a medium-term downtrend. However, the current strong bullish candle is challenging these dynamic resistance levels. If gold continues to surpass $2,620, the uptrend could extend to the resistance zone near $2,650.
On the contrary, if it fails to stay above $2,600, the possibility of a reversal back to the support zone of $2,560 is quite high.
Fundamentals Support
Geopolitical situation: Escalating tensions in the Ukraine region with the participation of long-range weapons from the US and military moves from Russia and North Korea have boosted safe-haven demand for gold.
Bullish forecast: A report from Goldman Sachs with a forecast of gold prices reaching $3,000/ounce by the end of 2025 is creating positive sentiment for the market.
Bargain hunting demand: After a series of sharp declines, large financial institutions have started to increase purchases, pushing gold prices up rapidly.
Review
Based on the above factors, I expect gold prices to retest the important resistance zone at $2,650 in the short term. However, it is necessary to closely monitor the market's reaction at the $2,620 area. If the breakout fails, selling pressure may reappear.
Giao dịch đang hoạt động
Ghi chú
niceGhi chú
good
Bài đăng liên quan
Thông báo miễn trừ trách nhiệm
Thông tin và ấn phẩm không có nghĩa là và không cấu thành, tài chính, đầu tư, kinh doanh, hoặc các loại lời khuyên hoặc khuyến nghị khác được cung cấp hoặc xác nhận bởi TradingView. Đọc thêm trong Điều khoản sử dụng.