GOLD: Continously Falling or Recovery?
Hello everyone! Today i want to share some macro analysis with you!
1.
$XAU/USD(XAUUSD.FOREX)$ $Gold - main 2504(GCmain)$ Monday (10 March) in the Asian market, gold short-term continued to fall back, the gold price just fell below 2910 U.S. dollars, compared with the intraday high of 2918.30 U.S. dollars touched in the early morning session retreated nearly 10 U.S. dollars.
The US Dollar Index has continued to rebound from its session low of 103.57 and is currently sitting near 103.80. The rebound in the dollar has caused gold prices to fall from their highs.
2.
Gold prices are still trading sideways, failing to break above $2,930 after surging 1.72 per cent this month. The Relative Strength Index (RSI) is suggesting further upside for the market as the RSI remains bullish.
Therefore, the next resistance level for gold prices will be 2950, followed by the all-time high of $2954. Once the latter is breached, gold prices will aim for the 3000 mark.
On the other hand once gold falls below $2900, sellers will aim for the 28 February low of $2832 followed by the $2800 mark.
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