A further breakdown below the $1950 level would open the potential for gold to drop toward the $1900 level. The $1900 level is bolstered by the 200-Day EMA, making it a logical candidate to act as a support level. Technical traders often closely follow the 200-Day EMA, resulting in increased technical and psychological significance at this level.
Despite short-term noise, it is important to recognize the significant demand for wealth preservation, which tends to support the gold market. Any price pullback will likely attract attention from investors seeking to safeguard their assets. However, if the US dollar continues to strengthen significantly, it could act as a deterrent for gold market bulls. As a result, the market may exhibit volatile behavior in the near term.
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