See also
The yellow metal is once again receiving support driven by two main factors. The first is the continued risk of failure in the negotiations between Tehran and Tel Aviv. The second is related to the chronic weakness of the U.S. dollar amid the American economy slipping into a recession, which may persist for a prolonged period, and the uncertainty surrounding the future global impact of Donald Trump's customs tariff policy.
From a technical perspective, gold prices continue to be in a long-term upward trend. The bullish momentum, driven by the aforementioned reasons, may continue after breaking and consolidating above the 3340.00 level.
The price is trading above the middle line of the Bollinger Bands, as well as above the 5- and 14-period SMAs, which have crossed and are giving a buy signal. The RSI is crossing the 50% mark, also indicating a buy. The Stochastic Oscillator is above 50% and continues to rise.
In this situation, I believe gold should be bought, with a potential rise toward 3384.63. A likely entry point for a buy position could be considered around 3347.00.
You have already liked this post today
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
Useful links: My other articles are available in this section InstaForex course for beginners Popular Analytics Open trading account Important: The begginers in forex trading need to be very careful
The British pound remains under pressure due to the challenging economic situation in the United Kingdom. Recent economic data confirms this, which naturally affects demand for the sterling. Weak manufacturing
The Eagle Indicator is showing a negative signal, so if the price falls below 3,359, it is seen as a signal to sell with targets at the 5/8 Murray around
Bitcoin is trading around $115,400 after reaching the key level of $115,000, and a technical rebound is likely imminent in the coming hours, reaching the 21SMA around $118,350. If Bitcoin
Early in the European session, the EUR/USD pair is trading around 1.174, undergoing a technical correction after attempting to break below the 1.1790 level. The euro is likely to continue
Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.
If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.
Why does your IP address show your location as the USA?
Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaTrade anyway.
We are sorry for any inconvenience caused by this message.