Gold stuck below $2,000 as bullish sentiment remains lackluster
Gold prices could remain in neutral territory in the near term, unable to push to $2,000 an ounce as the marketplace sees lackluster bullish sentiment.
While gold prices are ending the week in neutral territory, bouncing from a three-month low following the Fed decision, analysts are not expecting to see any significant price action in the near term.
Need to get back above $1,985 before some bullish conviction returns to gold. Right now, gold is supported as markets show some disbelief in the Fed's dot plots as the yield curve continues to highlight the threat of a recession. But we just don't have a trigger for a bigger rally to $2,000.
While gold prices are ending the week in neutral territory, bouncing from a three-month low following the Fed decision, analysts are not expecting to see any significant price action in the near term.
Need to get back above $1,985 before some bullish conviction returns to gold. Right now, gold is supported as markets show some disbelief in the Fed's dot plots as the yield curve continues to highlight the threat of a recession. But we just don't have a trigger for a bigger rally to $2,000.
✅Buy order in the $1,942-$1,945 price zone when the support zone is approached.
✖️Stoploss: $1,937.
✅Sell the $1,982-$1,979 range when the price hits the resistance area.
✖️Stoploss: $1,985.
AND ALWAYS REMEMBER WHAT YOU NEED TO DO IS MANAGE RISK. GOOD LUCK !!!