Hello dear friends! Today, let's explore the latest developments in the gold market.
As Tuesday's trading session began, we saw gold prices quickly decline. Currently, the price of this precious metal has decreased by about $26, fluctuating around $2300, which is down 1.08% over the day.
This price decline followed after gold reached a peak of 2,400 USD, before entering the current correction. Easing fears of a broader conflict in the Middle East, coupled with the tech industry's rapid recovery on Wall Street, have caused gold to lose some of its appeal.
Looking at technical analysis, gold's bearish outlook could continue on the daily chart. The next target could be a rendezvous with the 34 EMA and then a test of the lower bounds of the 89 EMA. This pullback is also in line with the Fibonacci levels of 0.5 to 0.618, where sellers have identified main stop.
Now, I would like to return to you, investors and market lovers. Do you think we should join the buying side to take advantage of this opportunity, or should we side with the selling side and wait for the price to continue to fall? Please share your thoughts and let's make this conversation more interesting!
As Tuesday's trading session began, we saw gold prices quickly decline. Currently, the price of this precious metal has decreased by about $26, fluctuating around $2300, which is down 1.08% over the day.
This price decline followed after gold reached a peak of 2,400 USD, before entering the current correction. Easing fears of a broader conflict in the Middle East, coupled with the tech industry's rapid recovery on Wall Street, have caused gold to lose some of its appeal.
Looking at technical analysis, gold's bearish outlook could continue on the daily chart. The next target could be a rendezvous with the 34 EMA and then a test of the lower bounds of the 89 EMA. This pullback is also in line with the Fibonacci levels of 0.5 to 0.618, where sellers have identified main stop.
Now, I would like to return to you, investors and market lovers. Do you think we should join the buying side to take advantage of this opportunity, or should we side with the selling side and wait for the price to continue to fall? Please share your thoughts and let's make this conversation more interesting!
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