Gold Fluctuates, Is the Rally Starting to Run Out of Steam?
Gold prices fluctuated between gains and losses at the start of this week after experiencing a sharp decline last Friday. When Asian markets opened Monday morning, bullion prices were not far from their previous levels, continuing their high volatility. The 1.7% decline at the end of last week was the worst since May, triggered by a massive sell-off across all precious metals. Silver also fell 1.2% before paring its losses, following a major 4.3% drop in the previous session.
This volatility emerged amid easing trade tensions between the US and China, which has helped strengthen overall market sentiment. However, several technical indicators suggest that the rally in gold and silver prices since August may have been too rapid and overestimated. Analysts believe this could pave the way for a correction or further decline in the near term, although the direction of further movement will still depend on geopolitical developments and global economic data.
At the time of writing, the gold price is at $4,253.
- Buy if the price moves within $4,260.
- Sell if the price moves within $4,246.
Resistance 2: $4,274.
Resistance 1: $4,267.
Support 1: $4,239.
Support 2: $4,232.
Disclaimer:
This article is analytical in nature and not a definitive reference. Please consider fundamental and technical developments in trading before making any investment decisions.
Source: Newsmaker.id
