GOLD: Attention should also be paid to the impact of the Iran war and Trump's statements
Hello everyone! Today i want to share some macro analysis with you!
Technical Analysis:$Gold - main 2606(GCmain)$$XAU/USD(XAUUSD.FOREX)$
Gold prices may consolidate further, trapped between key technical resistance and support levels. The Relative Strength Index (RSI) indicates that momentum remains flat. Although the RSI is trending bullish, it is currently in a sideways consolidation phase.
On the upside, gold prices broke through the 50-day Simple Moving Average (SMA) at $4769 in early Asian trading, reaching a high near $4773.4! The next target is expected to be the psychological resistance level of $4800!
On the downside, the first support level for gold is the psychological level of $4700. A break below this level would face the 20-day SMA at $4694 and could further challenge the May 4th low of $4500. Trading should focus on buy orders!
Attention should also be paid to the impact of the Iran war and Trump's statements!
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