Gold Rally on Weaker Dollar and Strong Chinese Investor Demand
Gold Futures Climb on Weaker Dollar, Robust Demand from Chinese Retail Investors
Chinese retail investors continue to favor gold as a safe haven amid ongoing concerns about the real estate market, even shifting away from traditional investments like diamonds in favor of the yellow metal.
Technical Analysis: Gold
Current Outlook:
The price has reversed sharply due to the factors mentioned above, maintaining its bullish momentum and approaching a potential all-time high (ATH).
Bullish Scenario:
If the price remains above 2,475, the bullish trend is confirmed, with targets at 2,484 and 2,493. A sustained close above 2,493 could propel the price toward 2,526.
Bearish Scenario:
A bearish trend could emerge if the price stabilizes below 2,466. Otherwise, stability above this level would keep the price oscillating between 2,475 and 2,493.
Key Levels:
- Pivot Line: 2475
- Resistance Levels: 2484, 2493, 2525
- Support Levels: 2466, 2450, 2442
Today's Expected Trading Range:
The price is expected to fluctuate between 2,466 and 2,525.
Trend: Bullish while above 2,475.
Chinese retail investors continue to favor gold as a safe haven amid ongoing concerns about the real estate market, even shifting away from traditional investments like diamonds in favor of the yellow metal.
Technical Analysis: Gold
Current Outlook:
The price has reversed sharply due to the factors mentioned above, maintaining its bullish momentum and approaching a potential all-time high (ATH).
Bullish Scenario:
If the price remains above 2,475, the bullish trend is confirmed, with targets at 2,484 and 2,493. A sustained close above 2,493 could propel the price toward 2,526.
Bearish Scenario:
A bearish trend could emerge if the price stabilizes below 2,466. Otherwise, stability above this level would keep the price oscillating between 2,475 and 2,493.
Key Levels:
- Pivot Line: 2475
- Resistance Levels: 2484, 2493, 2525
- Support Levels: 2466, 2450, 2442
Today's Expected Trading Range:
The price is expected to fluctuate between 2,466 and 2,525.
Trend: Bullish while above 2,475.
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~6 analyses per day. With a clear entry point
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SM World and Economy News 24/7
Urgent News ⚡️:
t.me/SM_News_24h
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