Gold is motionless, waiting for the opportunity to come
Hello, Karina's amazing friends!
The price of gold is currently trading around $2022 with minimal fluctuations. Meanwhile, a broader risk sentiment and the momentum of the USD may continue to play a significant role in driving demand for XAU/USD in the absence of any market-moving economic data from the US on Monday.
On the technical analysis chart: The horizontal support level at $2015-$2010 could continue to defend against immediate downside, just before the psychological level of $2000. Breaking convincingly below that level would make gold vulnerable to testing the support area around $1982-$1981. Next is last week's low range, which if decisively broken, would favor short-term bearish momentum for traders.
The price of gold is currently trading around $2022 with minimal fluctuations. Meanwhile, a broader risk sentiment and the momentum of the USD may continue to play a significant role in driving demand for XAU/USD in the absence of any market-moving economic data from the US on Monday.
On the technical analysis chart: The horizontal support level at $2015-$2010 could continue to defend against immediate downside, just before the psychological level of $2000. Breaking convincingly below that level would make gold vulnerable to testing the support area around $1982-$1981. Next is last week's low range, which if decisively broken, would favor short-term bearish momentum for traders.
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