Gold near a good support level
💡 gold analysis update
✍️ As in the previous analysis, we emphasized on continuing the downward path, fortunately, the analysis was realized and gold fell to the range of 1690.
✍️ This fall was more caused by the strength of the dollar and the reluctance of gold buyers was another factor in the sharp fall of this popular commodity.
✍️ Now that we have reached the support range and psychological level of 1700, we are witnessing a relatively good buying power, but we predict that the sellers will remain determined in their positions.
✍️ According to nfp data, last week we saw a relative buying pressure in gold and it had a good upward correction up to the broken ranges (1720-1740). But after the release of the data, the market again focused on buying the US dollar, and this caused the dollar to gain strength, which caused the gold to continue falling. And probably the failure of the support range (1700-1680) will follow.
✍️ In the next analysis, we will examine the trigger of the upward movement of gold.
This analysis will be updated step by step.
thank you
✍️ As in the previous analysis, we emphasized on continuing the downward path, fortunately, the analysis was realized and gold fell to the range of 1690.
✍️ This fall was more caused by the strength of the dollar and the reluctance of gold buyers was another factor in the sharp fall of this popular commodity.
✍️ Now that we have reached the support range and psychological level of 1700, we are witnessing a relatively good buying power, but we predict that the sellers will remain determined in their positions.
✍️ According to nfp data, last week we saw a relative buying pressure in gold and it had a good upward correction up to the broken ranges (1720-1740). But after the release of the data, the market again focused on buying the US dollar, and this caused the dollar to gain strength, which caused the gold to continue falling. And probably the failure of the support range (1700-1680) will follow.
✍️ In the next analysis, we will examine the trigger of the upward movement of gold.
This analysis will be updated step by step.
thank you
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