XAUUSD - Are the bulls really weak?
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Hi everybody! Today, let's explore together the factors that affect the price of gold!
Last night, gold experienced a major correction. The precious metal has dropped significantly in price due to fading expectations of US interest rate cuts, which has reduced demand for gold as a safe haven asset, especially amid tensions. increased tension in the Middle East.
According to chart analysis, gold is trading around $2,365 and has surpassed the short-term uptrend line. Further corrections are likely to occur when the EMA 34 and 89 meet resistance levels.
Regardless, the main trend for gold is still up and we can expect a recovery once the current correction period ends.
Last night, gold experienced a major correction. The precious metal has dropped significantly in price due to fading expectations of US interest rate cuts, which has reduced demand for gold as a safe haven asset, especially amid tensions. increased tension in the Middle East.
According to chart analysis, gold is trading around $2,365 and has surpassed the short-term uptrend line. Further corrections are likely to occur when the EMA 34 and 89 meet resistance levels.
Regardless, the main trend for gold is still up and we can expect a recovery once the current correction period ends.
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