Gold's Correction Movement: Outlook and Key Levels
Gold, after completing its rally, has been observed to undergo a correction movement within a channel, with buying occurring at the lower band of this channel since yesterday.
Read MoreGold, after completing its rally, has been observed to undergo a correction movement within a channel, with buying occurring at the lower band of this channel since yesterday.
Read MoreWith geopolitical tensions and other macroeconomic factors at play, the yellow metal, currently correcting from its 20% rally, seems to be consolidating near the lower boundary of a descending channel.
Read MoreWith news flow from the US and reduced geopolitical risks, gold continues its downward channel movement on intraday timeframes, albeit with a low slope.
Read MoreWith geopolitical tensions easing and supported by economic data suggesting the possibility of higher interest rates in the United States for some time, the yellow metal has retreated approximately $150 from its peak of 2430.
Read MoreIn recent weeks, amidst geopolitical tensions, gold often sought as a safe haven, continued its upward trend despite the strengthening of the dollar.
Read MoreAt the start of the Asian session this week, selling pressure emerged in the yellow metal, although it did not breach the 2330 support level by the 4-hour close.
Read MoreYesterday, alongside the lowest growth data reported in the United States since the first half of 2022, the higher-than-expected core personal consumption expenditure fueled stagflation concerns.
Read MoreGold was steady as the market awaited US economic data, and the geopolitical situation remained calm.
Read MoreChina's enigmatic gold buyers have taken center stage in the global gold market, as their strategic purchases at key price levels have significantly impacted the precious metal's trajectory.
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