The recent price trend of gold has shown a significant bullish wave, with the price line rising sharply. However, the price line has now reached a strong resistance level and the Relative Strength Index (RSI) is showing negative divergence, which suggests that the price line may be reaching a potential turning point. This could lead to a bearish wave, with the price line potentially experiencing a significant decline. It is important for investors to closely monitor the gold market and the factors that may impact its price, such as economic indicators, geopolitical events, and shifts in investor sentiment.
• There is a resistance level at 2032.500 followed by resistance at 2051.00 and 2080.00.
• There is a support level at 1892.500. Below, there is 1805.800 and 1756.00.
Note: We do not suggest any investment advice, and these analyses are just to increase the traders’ awareness but not a certain instruction for trading.
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