Sellers continue to lead the trend - GOLD
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Gold price today is trading at 2,380 USD/ounce, down slightly by 10 USD compared to yesterday's opening price of 2,390 USD/ounce.
Accordingly, the recent recovery of the USD has put pressure on the yellow metal. Specifically, the US Dollar Index rose about 0.3% to its highest level in more than 2 weeks, making gold more expensive for holders of other currencies.
In addition to the recovery of the greenback, data from China shows that gold consumption in the world's largest gold consuming country has decreased, also affecting the direction of gold. The factor, gold's decline is even more closely identified when it has moved below the two EMA lines with a reversal from the EMA 34. In addition to the price channel factor, it is operating stably and has not had any fluctuations. broke down so the sellers continued to benefit.
Given the current situation, if the Bulls are ready to fight at the short-term support zone at 2375, the next target will be $2400 and even $2410, but it may not last long with the target higher profits. Because "there is evidence that once resistance is reached, it will continue its downward movement, as indicated by the unchanged EMA".
Gold price today is trading at 2,380 USD/ounce, down slightly by 10 USD compared to yesterday's opening price of 2,390 USD/ounce.
Accordingly, the recent recovery of the USD has put pressure on the yellow metal. Specifically, the US Dollar Index rose about 0.3% to its highest level in more than 2 weeks, making gold more expensive for holders of other currencies.
In addition to the recovery of the greenback, data from China shows that gold consumption in the world's largest gold consuming country has decreased, also affecting the direction of gold. The factor, gold's decline is even more closely identified when it has moved below the two EMA lines with a reversal from the EMA 34. In addition to the price channel factor, it is operating stably and has not had any fluctuations. broke down so the sellers continued to benefit.
Given the current situation, if the Bulls are ready to fight at the short-term support zone at 2375, the next target will be $2400 and even $2410, but it may not last long with the target higher profits. Because "there is evidence that once resistance is reached, it will continue its downward movement, as indicated by the unchanged EMA".
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