Gold prices rose at the start of the trading week as the US dollar weakened, leading to a decline in the US Dollar Index.
This resulted in other currency buyers finding gold more attractive.
Gold has made a strong recovery from the $1,950/ounce support level, thanks to disappointing economic data.
Gold price is consolidating in a narrow range of $1,957-1,964 on an hourly scale.
Bullish gold speculators are supported by the 50-period Exponential Moving Average (EMA) at $1,959.38, and the Relative Strength Index (RSI) is fluctuating between 40.00-60.00.
What do you think about the direction of gold? Let me know and let's discuss
This resulted in other currency buyers finding gold more attractive.
Gold has made a strong recovery from the $1,950/ounce support level, thanks to disappointing economic data.
Gold price is consolidating in a narrow range of $1,957-1,964 on an hourly scale.
Bullish gold speculators are supported by the 50-period Exponential Moving Average (EMA) at $1,959.38, and the Relative Strength Index (RSI) is fluctuating between 40.00-60.00.
What do you think about the direction of gold? Let me know and let's discuss
