The Gold market has experienced some fluctuations in recent days. In Wednesday's Asian trading session, the price of gold saw a slight adjustment as it dropped below the threshold of 2,350 USD, after reaching a new record high on Tuesday at 2,365 USD.
Looking at the chart, we can observe signs of price correction towards a retracement, followed by a short-term downward trend before resuming its upward trajectory. Currently, the gold price is trading below the Simple Moving Average 20 (SMA 20), indicating the presence of a short-term downward trend. It is predicted that the price will test the SMA 50 area before bouncing back strongly.
However, to better understand the situation, we also need to consider other factors such as economic, political, and global market conditions. These factors could significantly impact the price of gold.
Looking at the chart, we can observe signs of price correction towards a retracement, followed by a short-term downward trend before resuming its upward trajectory. Currently, the gold price is trading below the Simple Moving Average 20 (SMA 20), indicating the presence of a short-term downward trend. It is predicted that the price will test the SMA 50 area before bouncing back strongly.
However, to better understand the situation, we also need to consider other factors such as economic, political, and global market conditions. These factors could significantly impact the price of gold.
