Hello dear friends!
Today, gold is starting to enter a phase of decline as the upward momentum has been weakening over the past week. It has been three days since gold moved away from the $2000 threshold, and trading is currently experiencing a slight decrease on the 1-hour time frame, reaching a trading level of $1973.
So, what are the reasons behind the decline in gold prices?
In the trading session yesterday, gold saw a slight decrease as traders were still awaiting economic data from the US and focusing on the situation in the Middle East.
Furthermore, gold prices have cooled off due to efforts to reduce escalating tensions in the Hamas-Israel conflict.
The fact that gold prices have failed to recover this week is a signal that "safe-haven demand has begun to weaken." It seems that the market is learning to live with the tensions in the Middle East. Additionally, the strengthening of the US dollar has made gold more expensive for foreign buyers, significantly reducing purchasing power.
On the analysis chart:
The price has been gradually decreasing since moving away from the 1992 USD peak area, with occasional increases. However, there is not enough momentum for gold to surpass that resistance level. The EMA line is slowly narrowing its range, indicating that there won't be many breakthroughs during this period. The target for the downward trend is still set at the milestones of 1960 USD and 1950 USD for this price decline.
And you, what do you think about gold
Today, gold is starting to enter a phase of decline as the upward momentum has been weakening over the past week. It has been three days since gold moved away from the $2000 threshold, and trading is currently experiencing a slight decrease on the 1-hour time frame, reaching a trading level of $1973.
So, what are the reasons behind the decline in gold prices?
In the trading session yesterday, gold saw a slight decrease as traders were still awaiting economic data from the US and focusing on the situation in the Middle East.
Furthermore, gold prices have cooled off due to efforts to reduce escalating tensions in the Hamas-Israel conflict.
The fact that gold prices have failed to recover this week is a signal that "safe-haven demand has begun to weaken." It seems that the market is learning to live with the tensions in the Middle East. Additionally, the strengthening of the US dollar has made gold more expensive for foreign buyers, significantly reducing purchasing power.
On the analysis chart:
The price has been gradually decreasing since moving away from the 1992 USD peak area, with occasional increases. However, there is not enough momentum for gold to surpass that resistance level. The EMA line is slowly narrowing its range, indicating that there won't be many breakthroughs during this period. The target for the downward trend is still set at the milestones of 1960 USD and 1950 USD for this price decline.
And you, what do you think about gold
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