Gold Price Analysis: Potential Short-Term Decline Looms
Overall, Gold is still maintaining a strong upward trend due to political tensions in the Middle East.
On the 1-hour chart, we see that prices are still fluctuating near the Simple Moving Averages (SMA) and holding steady around the retreat level of 2,431-2,432 USD. However, there are signs indicating that prices are gradually adjusting and may transition to a short-term downward trend. If prices break below the support level of 2,431 and continue to decline, we may witness a sharp downturn.
On the other hand, political tensions in the Middle East, combined with the weakening of the US Dollar, are providing strong momentum for the upward trend.
On the 1-hour chart, we see that prices are still fluctuating near the Simple Moving Averages (SMA) and holding steady around the retreat level of 2,431-2,432 USD. However, there are signs indicating that prices are gradually adjusting and may transition to a short-term downward trend. If prices break below the support level of 2,431 and continue to decline, we may witness a sharp downturn.
On the other hand, political tensions in the Middle East, combined with the weakening of the US Dollar, are providing strong momentum for the upward trend.
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