Pressure from 2400 USD still exists, will the bull still hold?
Dear friends! These are RalphBenjamin's insights about the market at this time, let's discuss!
On the weekly timeframe, the uptrend remains positive allowing long-term speculators to continue holding their positions. However, the resistance level at 2,400 USD continued to hold last week mainly because the demand for safe haven due to concerns about escalating tensions in the Middle East subsided and the pressure to take profits from 2,400 USD.
I expect that next week gold will continue to rebound and test $2,400 before it tests the bullish channel area that determines the long-term prospects of this metal. And you?
On the weekly timeframe, the uptrend remains positive allowing long-term speculators to continue holding their positions. However, the resistance level at 2,400 USD continued to hold last week mainly because the demand for safe haven due to concerns about escalating tensions in the Middle East subsided and the pressure to take profits from 2,400 USD.
I expect that next week gold will continue to rebound and test $2,400 before it tests the bullish channel area that determines the long-term prospects of this metal. And you?
Trade active
Trade active
