Dear friends, let’s explore the gold price after major fluctuations!
On developments and results:
Gold is typically considered a safe-haven instrument during economic and political turbulence and tends to rise in value when interest rates are low. This year, the price has set new highs 16 times, reaching a record of $3,057 during the March 20 session.
Conclusions about gold and trends:
“The market is cooling down. Profit-taking activities are occurring and the dollar is also stronger.” Nevertheless, safe-haven demand, both for political and commercial risks, will continue to be the main driving force for gold prices.
The strategy of buying gold during price corrections remains reasonable, as long as the important support level at $2,980 holds firm. For prices to extend further gains, they need to break above the resistance level of $3,060 as mentioned on the 1-hour hart.
What are your thoughts on gold’s movement? Please leave your comments to let me know! Good luck!