Gold continued rising and reached a new resistance level at 2288
Gold continued its ascent on Tuesday, pushing XAU/USD to a new high of 2276.90 in the US trading session. However, the US Dollar experienced a slight decline early in the session and lost further ground after Wall Street opened, despite generally optimistic US economic data and relatively uninspiring US economic indicators.
As the trading session shifted to Asia, the price of gold continued to climb to a new high of 2288. On the 4-hour chart, the upward trend of XAU/USD remains intact. The Simple Moving Average (SMA) 20 continues its strong upward trajectory and remains significantly above the SMA 50 and SMA 100. The Relative Strength Index (RSI) is currently in overbought territory, indicating the market's bullish momentum.
However, some investors are hopeful that prices will correct towards the support level around 2230 and potentially break through to seek support at 2190 and 2170.
As the trading session shifted to Asia, the price of gold continued to climb to a new high of 2288. On the 4-hour chart, the upward trend of XAU/USD remains intact. The Simple Moving Average (SMA) 20 continues its strong upward trajectory and remains significantly above the SMA 50 and SMA 100. The Relative Strength Index (RSI) is currently in overbought territory, indicating the market's bullish momentum.
However, some investors are hopeful that prices will correct towards the support level around 2230 and potentially break through to seek support at 2190 and 2170.
Comment:
Comment:
Exactly as predicted, gold has reached the milestone of 2300, specifically 2304
