Analyzing the chart, we observe that the $1960 level is a crucial support zone, while the $2000 level above is a resistance barrier. A breakout above $2000 could lead to a target of $2050, whereas a breakdown below $1960 might push prices toward the 61.8% Fibonacci retracement level, around $1920. The positioning of the 50-Day EMA and the 200-Dayindicators suggests that increased noise and erratic behavior may prevail within this range.
Ultimately, the gold market is anticipated to increase in the long term. However, this ascent may depend on the bond market offering lower yields to support such a move. When bond markets present attractive returns, gold may experience a slight decline as investors perceive bonds as safer investments. Conversely, a drop in bond yields could trigger a negative correlation, leading to a rally in gold prices.
The market is striving to gather the necessary momentum to push higher. However, it is crucial to exercise patience and wait for the market to confirm the upward trend before considering new positions in gold. This period of uncertainty requires a cautious approach. TLDR: The gold market is in a consolidation phase, with Wednesday's trading session reflecting a lackluster performance. The $1960 level serves as a support zone, while the $2000 level acts as resistance. Traders should closely monitor the bond market for signals and correlations that could impact gold's movement. Exercise caution and wait for a clear signal before initiating new positions. Patience will likely be the key attribute to navigating this environment successfully.
इंडिया ताज़ा खबर, इंडिया मुख्य बातें
Similar News:आप इससे मिलती-जुलती खबरें भी पढ़ सकते हैं जिन्हें हमने अन्य समाचार स्रोतों से एकत्र किया है।
स्रोत: Cointelegraph - 🏆 562. / 51 और पढो »