As Gold Rides New Wave
In the recent chart of gold, we see that the price has gone through a strong bullish phase, with a few minor corrections before continuing its upward momentum. Looking at the pattern forming on the chart, gold is showing some positive signs, especially with strong support from the long-term EMAs.
The 34 and 89 EMAs are converging, suggesting a possible continuation of the bullish trend. Gold is currently testing resistance at around $2,677/oz, a level that if broken could lead to a fresh rally, towards the next target of around $2,700/oz.
On the other hand, recent economic data, especially from the Fed and China, has also affected the gold market. Expectations of interest rate cuts from the Fed have put downward pressure on the USD, which is usually beneficial for gold prices. However, weak economic data from China could destabilize global financial markets, further increasing gold's appeal as a safe haven investment.
The 34 and 89 EMAs are converging, suggesting a possible continuation of the bullish trend. Gold is currently testing resistance at around $2,677/oz, a level that if broken could lead to a fresh rally, towards the next target of around $2,700/oz.
On the other hand, recent economic data, especially from the Fed and China, has also affected the gold market. Expectations of interest rate cuts from the Fed have put downward pressure on the USD, which is usually beneficial for gold prices. However, weak economic data from China could destabilize global financial markets, further increasing gold's appeal as a safe haven investment.
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