When analyzing gold versus the dollar, it's evident that we're currently in a downward trend. This week, prices have struggled within the range of 2032 to 2044, and we're presently hovering around 2024.360. During Monday and Tuesday sessions, we anticipate a test of the 2024 support level, possibly dipping towards 2012.
While we may find weekly support around the 2012 mark, if the market closes below it by Friday, we could witness a significant break in the downward trend. In this market environment, I'm primarily scouting for selling opportunities, given the stronger selling momentum compared to buying opportunities. It's crucial to exercise caution with gold due to its high volatility; for those unfamiliar with navigating this volatility, observing the highs and lows of the London session and analyzing price ranges can provide insights. As highlighted in the video, my overall perspective on gold remains bearish. Thanks, everyone.
While we may find weekly support around the 2012 mark, if the market closes below it by Friday, we could witness a significant break in the downward trend. In this market environment, I'm primarily scouting for selling opportunities, given the stronger selling momentum compared to buying opportunities. It's crucial to exercise caution with gold due to its high volatility; for those unfamiliar with navigating this volatility, observing the highs and lows of the London session and analyzing price ranges can provide insights. As highlighted in the video, my overall perspective on gold remains bearish. Thanks, everyone.