Gold fell due to the strengthening of the dollar on Wednesday (May 24), reducing some safe-haven flows to gold in the face of the imminent risk of US debt default, as negotiations enter an important phase. .
At the end of Wednesday's session, the spot gold contract fell 0.6% to $1,963.09 an ounce, after gaining 0.5% previously. Gold futures lost 0.4% to $1,965.7 an ounce.
If the current selling trend continues, the price can move towards stronger support levels at $1945 and $1930. Gold prices are likely to continue to fluctuate in a range with a downtrend until the market reacts to US economic data and announcements from the US Federal Reserve.
The 20-period exponential moving average (EMA) at $1,969.26 is acting as a resistance level for Gold, thwarting any upside. The Relative Strength Index (RSI) (14) has dipped below 40.00 showing that the downside momentum is justified
At the end of Wednesday's session, the spot gold contract fell 0.6% to $1,963.09 an ounce, after gaining 0.5% previously. Gold futures lost 0.4% to $1,965.7 an ounce.
If the current selling trend continues, the price can move towards stronger support levels at $1945 and $1930. Gold prices are likely to continue to fluctuate in a range with a downtrend until the market reacts to US economic data and announcements from the US Federal Reserve.
The 20-period exponential moving average (EMA) at $1,969.26 is acting as a resistance level for Gold, thwarting any upside. The Relative Strength Index (RSI) (14) has dipped below 40.00 showing that the downside momentum is justified
⭐️Make a trading plan:
✅SELL order in the $1,965-$1,967 range when the price hits the resistance area.
✖️Stoploss: $1,970
AND ALWAYS REMEMBER WHAT YOU NEED TO DO IS MANAGE RISK. GOOD LUCK !!!