In a deeper analysis, it's necessary to consider factors influencing the movement of gold prices (XAU/USD), both technical and fundamental.
The indication that XAU/USD is facing a downward trend suggests that demand for gold may be diminishing or selling pressure is increasing. This could be due to various factors, including a strengthening US dollar or decreased demand for safe-haven assets amidst rising market risks.
The correction from 2013.5 to 2031.3 suggests that despite the downward trend, there's still potential for price increases temporarily before the main downtrend resumes. This correction might be influenced by factors such as temporary market sentiment reversals or changes in monetary policy expectations.
Global sentiment plays a crucial role in gold price movements. One mentioned is the inflation rate in the US. High inflation rates typically increase demand for gold as a hedge against currency devaluation. However, if inflation isn't too high or inflation expectations decrease, it may reduce gold's attractiveness.
Apart from fundamental factors, technical analysis is also vital. Price shifts from 2013.5 to 2031.3 might reflect changes in price patterns, support and resistance levels, and signals from technical indicators like moving averages, MACD, and RSI.
Strong Support Level: The indication that prices are likely to decline until they reach a strong support level at 1984.2 highlights the importance of this level in technical analysis. This support level may have been identified based on previous analysis or historical significance.
In analyzing XAU/USD price movements, it's essential to continuously monitor fundamental factors, global market sentiment, and technical indicators to gain a comprehensive understanding of potential price directions.
Trade active:
it's turn into bullish momentum. toward 2060.
Trade active:
Turn into bearish moment.
Trade closed manually
Trade active:
Toward 2012