Hello everyone! Let's dive into the gold price movements today!
Currently, gold is on a strong recovery path, reaching $2,354, which is about $15 higher than the same time yesterday. This upward momentum is supported by the weakening of the US dollar. The DXY index has dropped nearly 0.1% from 104.747 to around 104.64 points, creating favorable conditions for this precious metal.
In the short term, gold's target remains to reach the 0.5 - 0.618 Fibonacci retracement levels, which is around the $2,380 area as indicated on the analysis chart.
Currently, gold is on a strong recovery path, reaching $2,354, which is about $15 higher than the same time yesterday. This upward momentum is supported by the weakening of the US dollar. The DXY index has dropped nearly 0.1% from 104.747 to around 104.64 points, creating favorable conditions for this precious metal.
In the short term, gold's target remains to reach the 0.5 - 0.618 Fibonacci retracement levels, which is around the $2,380 area as indicated on the analysis chart.
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