The gold market experienced another rally this week, reaching the significant key level of 2000 before showing signs of uncertainty near that level. Currently, the market is showing signs of a further possible pullback. The 2000 key level is seen as a strong resistance and this level will be influenced by interest rate or further economic factors which could have a further negative impact on the gold market. I think the market will remain volatile, but a pullback seems likely in the short term.
Additionally, lower tensions in the Middle East could also have a negative impact on gold. However, if the 2000 level is successfully broken, the market may target the 2050 level. This can be seen on the monthly chart, which clearly shows an engulfing pattern, which is a bullish signal. I think in general a short period of weakness is expected before further upside moves.
Additionally, lower tensions in the Middle East could also have a negative impact on gold. However, if the 2000 level is successfully broken, the market may target the 2050 level. This can be seen on the monthly chart, which clearly shows an engulfing pattern, which is a bullish signal. I think in general a short period of weakness is expected before further upside moves.
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