Steady Gold Price Amid Good Friday Break

Greetings everyone! The global gold price remained steady. Spot gold is currently anchored at $2,313USD per ounce, maintaining a robust upward trajectory.

The ascending channel remains active, showing no signs of peaking. However, I anticipate some price adjustments next week as the price approaches the trendline's boundaries. Keep an eye on the support level at $2,239 USD.

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Gold prices have experienced a notable increase recently, driven by a variety of factors including economic uncertainty, geopolitical tensions, and inflationary concerns. Investors often turn to gold as a safe haven during times of market volatility and instability. Additionally, low interest rates and quantitative easing measures implemented by central banks worldwide have contributed to the rise in gold prices, as investors seek to hedge against currency depreciation and preserve their wealth. As a result, gold has emerged as a favored asset class among both institutional and retail investors looking to diversify their portfolios and protect against potential market downturns.

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