Should you buy gold while it remains stable above 2300 USD?
Dear traders!
Gold price today decreased slightly, trading around 2,326 USD, emphasizing a decrease of 10 USD.
It is worth noting that gold weekdays will be less volatile until the end of this week's May US core personal consumption expenditures index report is released, if weaker data could increase The possibility that the US Federal Reserve (Fed) will soon cut interest rates in 2024 will support precious metals. On the contrary, higher-than-expected data will cause gold to fall deeper.
Hamed's strategy of buying on dips is still appreciated as long as gold remains positive above the $2,300 support level. We can still look at buy orders up to the indicated levels.
Notice these short-term areas on smaller timeframes:
- Support level: 2316 USD, 2306 USD
- Resistance level: 2335 USD, 2365 USD.
Gold price today decreased slightly, trading around 2,326 USD, emphasizing a decrease of 10 USD.
It is worth noting that gold weekdays will be less volatile until the end of this week's May US core personal consumption expenditures index report is released, if weaker data could increase The possibility that the US Federal Reserve (Fed) will soon cut interest rates in 2024 will support precious metals. On the contrary, higher-than-expected data will cause gold to fall deeper.
Hamed's strategy of buying on dips is still appreciated as long as gold remains positive above the $2,300 support level. We can still look at buy orders up to the indicated levels.
Notice these short-term areas on smaller timeframes:
- Support level: 2316 USD, 2306 USD
- Resistance level: 2335 USD, 2365 USD.
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Good luck everyone
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