Gold decreased slightly in the last session of the week
Hello dear traders!
Upon observing the D1 chart, we can see that a downtrend channel is currently in operation, and gold is still showing positive development this week with a high price of $1883. However, it has not yet broken out of the extended downtrend.
With an expected increase reaching 1912, it will be rejected on the downtrend channel and subsequently test the low level of 1855.
Upon observing the D1 chart, we can see that a downtrend channel is currently in operation, and gold is still showing positive development this week with a high price of $1883. However, it has not yet broken out of the extended downtrend.
With an expected increase reaching 1912, it will be rejected on the downtrend channel and subsequently test the low level of 1855.
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Gold price is likely to soon break the threshold of 1,900 USD/ounce. In the short term, this is the time to buy, even as bond yields move higher. With so much economic uncertainty, there are many factors supporting gold's bullish trend.
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Monitor developments in geopolitical tensions in some regions of the world to provide direction for Gold
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The Fed has a 38% chance of raising interest rates in December, compared with about a 28% chance before the report's release.
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Safe haven demand will push gold prices higher in the near future.
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431 retail investors, equivalent to 72%, expected gold will increase in the near future. 106 others, equivalent to 18%, predicted that gold price would decrease, only the remaining 58, equivalent to 10%, said that the gold price would go sideways.
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