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I may not need to keep talking about this topic, but the chart is quite intriguing as it shows that gold has been staying above its 100-day moving average (depicted by the red line) for a while. However, in recent trading sessions, the fact that it has fallen below this level is creating additional selling pressure.
The atmosphere appears gloomy and though there hasn’t been a sudden decline in prices, it is possible that it will happen soon.
It appears that sellers are gaining more influence and there is a possibility to see the price reach $1,900 next based on technical analysis.
Examining the underlying factors, is it conceivable that gold’s decline may be due to its own achievements? Such a situation seems comparable to the recent trend of stocks, which may be attributed to investors shifting their focus onto bonds in anticipation of the quarter-end.
The rise in gold prices between March and May suggests that there may be a need for a slight decrease, and with the current technical advances, conditions are aligning for a more substantial correction at present.
Buyers’ willingness to purchase will be subject to scrutiny at the $1,900 mark, however, my belief is that the urge to replenish long positions will intensify as the price approaches the 200-day moving average (indicated by the blue line). I must confess, I am among those who share this inclination.
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