Gold has attempted to break into brand new territory but has fallen short on multiple occasions as $2,500 remains constructive. Bearish silver move remains intact
Forex Update: As of 14:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: -0.01% 🇪🇺EUR: -0.... has come down to levels seen before the panicked move. It must also be said that continued geopolitical uncertainty pertaining to a wider conflict in the Middle East remains a concern, helping to keep gold supported, especially ahead of the weekend.
Gold continues to trade above the 1.618 Fibonacci extension of the 2020-2022 major decline, headed towards the next key level of resistance of $2,500. The precious metal has received a bullish boost on Friday, after bouncing off the prior high of $2,450 – testing the more recent level of resistance at 2,484 where prior advances have failed.
A condition for a reassessment of the broader bearish move would require a break above the trendline followed by an immediate test and subsequent bullish follow through. Until then, the bearish trend move appears constructive and the RSI continues along the midline – revealing neither overbought nor oversold signals.Leveraged trading in foreign currency or off-exchange products on margin carries significant risk and may not be suitable for all investors.
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