Let's review the price of gold last week and discuss new strategies with Karina!
Last week was quite eventful for gold. It quickly rose to a record high of $2150 on Monday, but then rapidly declined and remained sideways around $2030 for the rest of the week.
By the end of the session:
Gold broke out of its sideways trend and experienced a significant downward breakthrough to $1995 when news of a decrease in unemployment rate from 3.9% to 3.7% emerged. This fueled the recovery of the US dollar, as reflected by the DXY Index maintaining a 0.40% increase from its opening price of 104.03, putting pressure on the price of gold.
Looking ahead to next week's gold prices and chart analysis:
Gold broke through its upward trendline and surpassed the important support level at $2015. It made a slight recovery from the minor support level at $1995, but may not hold for long as it continues to face resistance levels and establish a long-term downward trend. This could be a minor corrective wave, with expectations that it will continue to rapidly approach the target of $1970 next week.
What are your thoughts on the price of gold?
Last week was quite eventful for gold. It quickly rose to a record high of $2150 on Monday, but then rapidly declined and remained sideways around $2030 for the rest of the week.
By the end of the session:
Gold broke out of its sideways trend and experienced a significant downward breakthrough to $1995 when news of a decrease in unemployment rate from 3.9% to 3.7% emerged. This fueled the recovery of the US dollar, as reflected by the DXY Index maintaining a 0.40% increase from its opening price of 104.03, putting pressure on the price of gold.
Looking ahead to next week's gold prices and chart analysis:
Gold broke through its upward trendline and surpassed the important support level at $2015. It made a slight recovery from the minor support level at $1995, but may not hold for long as it continues to face resistance levels and establish a long-term downward trend. This could be a minor corrective wave, with expectations that it will continue to rapidly approach the target of $1970 next week.
What are your thoughts on the price of gold?
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