Moreover, Mali, a large gold producer, has stopped permits for small -scale mining for foreigners. This decision can tighten the offer, so that the prices are added. In the meantime, the buyer rose by more than 5% when Trump hinted with a potential rate of 25% on the entry. With mutual rates and global economic uncertainty, gold remains an important active for investors who conclude against risks.
Golden (XAU) Technical analysis
Gold Daily Chart – Bullish Price Action
The daily graph for gold shows that the price builds up a strong bullish momentum within the rising wedge and rising channel patterns. However, the price consolidates in the orange zone, which represents strong resistance. This resistance suggests a potential correction up to $ 2,800.
A break above the orange zone for $ 3,000 will open the door for a further upward momentum to the $ 3,200 area. The RSI has returned from the middle level, which indicates further upward potential on the gold market. However, a break under $ 2,830 will introduce further price correction to $ 2,800.