Gold and its direction of movement
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Hello dear friends! Let's explore the gold market today with Karina!
The price of gold continues to trade around $2,045, decreasing on Wednesday due to the recovery of the US dollar amidst profit-taking ahead of key data releases. However, the greenback remains weak as new hopes emerge that the Federal Reserve has completed its tightening of monetary policy and that precious metals have regained their stability and are not changing much from the same time yesterday.
The 4-hour chart of the XAU/USD pair shows that the upward trend has temporarily paused but still maintains control with a resistance level at $2,052 and a temporary support level around $2,038. Gold still has the opportunity to continue rising if it maintains its good recovery potential above $2,010.
The price of gold continues to trade around $2,045, decreasing on Wednesday due to the recovery of the US dollar amidst profit-taking ahead of key data releases. However, the greenback remains weak as new hopes emerge that the Federal Reserve has completed its tightening of monetary policy and that precious metals have regained their stability and are not changing much from the same time yesterday.
The 4-hour chart of the XAU/USD pair shows that the upward trend has temporarily paused but still maintains control with a resistance level at $2,052 and a temporary support level around $2,038. Gold still has the opportunity to continue rising if it maintains its good recovery potential above $2,010.
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