While acknowledging the possibility of a downturn, it is important to recognize the factors aligning to drive this market higher. The confluence of support levels suggests a favorable environment for continued upside movement. However, it is crucial to consider that the upcoming Independence Day holiday in the United States on Tuesday might result in reduced liquidity, potentially impacting market dynamics.
and potentially the $1900 level, a downward move toward the $1800 level could unfold. It is worth noting that the $1800 level may present strong support, having served as the starting point for the most recent rally. Breaking below $1900 would attract significant attention from traders, making the $1800 level an enticing target. Under such circumstances, the resilience of gold hunters to seek value opportunities repeatedly would remain evident.
The gold market experienced a temporary dip during Monday's trading session but promptly rebounded from support near the $1915 region. The 200-Day EMA remains critical, and its alignment with the 61.8% Fibonacci level increases its significance for traders. While acknowledging the potential impact of reduced liquidity due to the Independence Day holiday, the current market conditions suggest that gold buyers should consider entering the market, particularly during pullbacks. The initial target is $1950, with further potential to reach the 50-Day EMA and even breach the $2000 level.
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Source: Reuters - 🏆 2. / 97 Read more »