Update gold price on the first day of the week
Gold prices (XAU/USD) continued to decline throughout the day until the start of the European trading session on Monday, hitting the week's lowest level around $2,350.
From a technical perspective, the price action has formed a rectangle over the past week, marking a consolidation phase following a strong recovery. Oscillators have moved away from the overbought region, suggesting that the path of least resistance for gold prices may be upwards. Optimistic investors might wait for stability above the $2,400 level — the highest point of the trading range — before seeking further profits.
Conversely, a critical support zone around $2,364-$2,363 could protect against further immediate declines. A convincing break below this could prompt technical selling, potentially driving gold prices down to the $2,325-$2,322 area en route to the round figure of $2,300.
From a technical perspective, the price action has formed a rectangle over the past week, marking a consolidation phase following a strong recovery. Oscillators have moved away from the overbought region, suggesting that the path of least resistance for gold prices may be upwards. Optimistic investors might wait for stability above the $2,400 level — the highest point of the trading range — before seeking further profits.
Conversely, a critical support zone around $2,364-$2,363 could protect against further immediate declines. A convincing break below this could prompt technical selling, potentially driving gold prices down to the $2,325-$2,322 area en route to the round figure of $2,300.
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Trade closed: target reached:
