Hello everyone !The price of gold made a significant breakthrough yesterday, with a continuous increase of nearly 30 USD and reaching a new weekly high around 1970 USD. The mild expectations from the Fed, combined with the weakening of the USD to its lowest level since September, are the main factors driving the return of gold prices.
To get a clearer view of the current trend: on the price analysis chart, it has broken through the downward channel and formed an upward movement. We have two support levels to consider, which are 1960 and 1945 USD, as gold may test these price ranges once again before officially establishing an upward trend. If favorable, gold could potentially reach levels of 1990 and 2000 USD once again.
To get a clearer view of the current trend: on the price analysis chart, it has broken through the downward channel and formed an upward movement. We have two support levels to consider, which are 1960 and 1945 USD, as gold may test these price ranges once again before officially establishing an upward trend. If favorable, gold could potentially reach levels of 1990 and 2000 USD once again.
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