Hello everyone, in the early hours of the weekend trading session on Friday, gold prices recorded a $35 increase, surpassing the $2400 resistance level. However, this upward momentum did not last and the price has since dropped, stabilizing at around $2,390 at press time.
This fluctuation is the second time gold prices have increased sharply and then decreased, showing that sellers are still having great influence, preventing a sustainable increase in the price of this precious metal, even though the surrounding area is still price increase trend.
The appearance of two candles with long wicks in the recent chart shows that selling pressure increased sharply when gold reached high prices. So, although gold prices are trending upward, more time may be needed to stabilize this trend before the next significant gain can be achieved.
Key factors driving gold prices include strong buying demand from central banks, increased demand from emerging markets, a slowdown in supply and escalating geopolitical tensions. If these tense situations continue, gold prices could approach the $2,500/ounce mark.
This fluctuation is the second time gold prices have increased sharply and then decreased, showing that sellers are still having great influence, preventing a sustainable increase in the price of this precious metal, even though the surrounding area is still price increase trend.
The appearance of two candles with long wicks in the recent chart shows that selling pressure increased sharply when gold reached high prices. So, although gold prices are trending upward, more time may be needed to stabilize this trend before the next significant gain can be achieved.
Key factors driving gold prices include strong buying demand from central banks, increased demand from emerging markets, a slowdown in supply and escalating geopolitical tensions. If these tense situations continue, gold prices could approach the $2,500/ounce mark.
