Market participants will follow the coming economic data and policy signals closely. In particular, the release of the sales data of American houses can influence the price in the short term. In addition, Trump’s executive order that leads a probe in copper markets, further uncertainty, which may influence broader raw material prices. Moreover, with persistent inflation problems and continuous trade tensions, gold remains very sensitive to shifts in the risky.
Golden (XAU) Technical analysis
Gold Daily Chart – Correction
The daily graph for gold shows that the price has struck around $ 2,950 in recent days. This consolidation emphasizes the importance of this price region. If gold cannot break $ 2,950, the price will probably withdraw to stabilize before the next step is higher. However, the overall trend remains strong bullish. A break above $ 2,950 will initiate a movement to $ 3,000- $ 3,200. In a strong correction, the level of $ 2,800 remains an important support. A decrease up to $ 2,800 will be a good buying with a target of $ 3,000 to $ 3,200.