GOLD: Trading is Dominated by Buy Orders!!
Hello everyone! Today i want to share some macro analysis with you!
1.
Technical: So far this week, gold prices remain supported above the key 21-day simple moving average (SMA) support, which currently sits near $2,635.
The 14-day Relative Strength Index (RSI) is holding steady above its midline, suggesting that any decline in gold prices could be a good buying opportunity in the near term.
If gold prices recover, the next bullish target could be at the previous high of 2667, followed by the recent high of 2670. if gold rises further, the record high of 2686 would be the target.
Short-term support for gold is found at the 21-day moving average, below which it would test a three-week low near $2,600. If the latter is sustained, the downtrend could extend towards the 20 September low of 2585.
The expected trading range for today is between 2635 support and 2675 resistance. Trading is dominated by buy orders! $Gold - main 2412(GCmain)$ $XAU/USD(XAUUSD.FOREX)$
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