Hello dear friends,
Are you curious about the price movement of gold today?
Yesterday, gold surprised us with a dramatic increase, jumping from 2155 to 2223 USD, a remarkable gain of 680 pips in just a moment. What could have driven such a strong surge in this precious metal?
News update: The announcement from the Fed about the possibility of interest rate cuts later this year caused the US dollar to plummet. This decline triggered a rush of gold buying from investors, pushing its price up.
Technical analysis: Contrary to expectations of a decrease in gold prices for the day, gold broke through the downward trend line and soared to new highs. The EMA 34 and 89 lines indicated the potential for further upward momentum. The Fibonacci retracement levels of 0.5 - 0.618 are currently important if gold undergoes a corrective phase before continuing its ascent.
Are you curious about the price movement of gold today?
Yesterday, gold surprised us with a dramatic increase, jumping from 2155 to 2223 USD, a remarkable gain of 680 pips in just a moment. What could have driven such a strong surge in this precious metal?
News update: The announcement from the Fed about the possibility of interest rate cuts later this year caused the US dollar to plummet. This decline triggered a rush of gold buying from investors, pushing its price up.
Technical analysis: Contrary to expectations of a decrease in gold prices for the day, gold broke through the downward trend line and soared to new highs. The EMA 34 and 89 lines indicated the potential for further upward momentum. The Fibonacci retracement levels of 0.5 - 0.618 are currently important if gold undergoes a corrective phase before continuing its ascent.
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