GOLD prices will increase more in the near future
World gold price stood at 1,975 USD/ounce, down slightly by 1 USD/ounce compared to the same hour yesterday morning. Last night, the price of gold experienced a correction when it dropped to only 1,953 USD/ounce. However, the decline in the USD helped precious metal prices recover this morning.
There has been no major military escalation in the Israel-Hamas war, allowing investors to better focus on other issues and adding a bit more risk appetite to the market. However, most veteran market watchers know that the Middle East situation has the potential to flare up very quickly and shake the market.
Gold prices rebounded within breakout resistance last Friday but fell short of 2000 psychological levels.
Overnight, stop support held near the 1960 level and these levels could continue to provide resistance and support respectively.
The chart below is characterized by clustering of the 10-, 21-, 34-, 55-, 100-, 200-, and 260-day Simple Moving Averages (SMAs). All are between 1890 and 1937.
This could suggest that a mean reversion is possible and could allow range trading conditions to continue.
There has been no major military escalation in the Israel-Hamas war, allowing investors to better focus on other issues and adding a bit more risk appetite to the market. However, most veteran market watchers know that the Middle East situation has the potential to flare up very quickly and shake the market.
Gold prices rebounded within breakout resistance last Friday but fell short of 2000 psychological levels.
Overnight, stop support held near the 1960 level and these levels could continue to provide resistance and support respectively.
The chart below is characterized by clustering of the 10-, 21-, 34-, 55-, 100-, 200-, and 260-day Simple Moving Averages (SMAs). All are between 1890 and 1937.
This could suggest that a mean reversion is possible and could allow range trading conditions to continue.
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