The price of Gold reached a new high in 4 weeks at $1,943 on Wednesday before entering a consolidation phase. Despite a slight decline, the Gold price remains steady around $1,930, currently trading around $1,935.
Gold traders are anticipating a series of speeches from the Fed for the next price hike, preparing for Federal Reserve Chairman Jerome Powell's speech on Thursday.
The next resistance level is seen at the highest point on September 20th at $1,947, above which the highest point on September 1st at $1,953 will be tested.
A sustained upward move beyond this level could trigger a new upward trend towards the $1,970-$1,980 range.
If Gold fails to find solid ground at $1,930, a retracement to the support level of $1,923 is likely to occur.
Further south, sellers will be eyeing the previous day's low of $1,912.
Gold traders are anticipating a series of speeches from the Fed for the next price hike, preparing for Federal Reserve Chairman Jerome Powell's speech on Thursday.
The next resistance level is seen at the highest point on September 20th at $1,947, above which the highest point on September 1st at $1,953 will be tested.
A sustained upward move beyond this level could trigger a new upward trend towards the $1,970-$1,980 range.
If Gold fails to find solid ground at $1,930, a retracement to the support level of $1,923 is likely to occur.
Further south, sellers will be eyeing the previous day's low of $1,912.
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While the demand for investment in gold has not increased, the central bank's strong purchase and the demand for seasonal gold can compensate for part of the investment situation.
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In the near future, I expect Gold to retest its strong support level and then increase sharply
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Accordingly, many stock investors have transferred capital to the gold market. Today's world gold price increased sharply, which is understandable.
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