Hello everyone, what do you think—should we buy or sell gold today?
Gold is currently trading around 2,323 USD/ounce, with little movement since the beginning of the day and is continuing its downward trend. This weakness is largely due to tensions in the Middle East showing signs of easing and investors taking profits and reducing leverage in precious metals trades. This is a common phenomenon in the futures market when a commodity loses its price momentum, whether short-term or long-term.
From a technical analysis perspective, gold's recent decline is just a correction after gaining about 22% in the past two months. This correction is still within the framework of a long-term uptrend.
However, if gold continues to fall further this week, new short-term highs could be set. With current prices yet to surpass $2,300 an ounce, gold could soon recover thanks to buying at lower prices, supporting its long-term upward trajectory.
Gold is currently trading around 2,323 USD/ounce, with little movement since the beginning of the day and is continuing its downward trend. This weakness is largely due to tensions in the Middle East showing signs of easing and investors taking profits and reducing leverage in precious metals trades. This is a common phenomenon in the futures market when a commodity loses its price momentum, whether short-term or long-term.
From a technical analysis perspective, gold's recent decline is just a correction after gaining about 22% in the past two months. This correction is still within the framework of a long-term uptrend.
However, if gold continues to fall further this week, new short-term highs could be set. With current prices yet to surpass $2,300 an ounce, gold could soon recover thanks to buying at lower prices, supporting its long-term upward trajectory.
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