The Gold price chart on the H1 timeframe shows a precarious situation.
Bullish speculators face skepticism after failed attempts to break free from a short-term downtrend. Gold now hovers around the $2300 USD/oz support level.
Expectations of a rapid price surge to historical highs above $2400 USD seem distant. Traders await significant catalysts, such as the Bank of England Interest Rate Decision and the University of Michigan Consumer Sentiment Survey.
Recent sluggish movement hints at impending significant waves, with prices hovering around $2320 and $2307 levels.
Bullish speculators face skepticism after failed attempts to break free from a short-term downtrend. Gold now hovers around the $2300 USD/oz support level.
Expectations of a rapid price surge to historical highs above $2400 USD seem distant. Traders await significant catalysts, such as the Bank of England Interest Rate Decision and the University of Michigan Consumer Sentiment Survey.
Recent sluggish movement hints at impending significant waves, with prices hovering around $2320 and $2307 levels.
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