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After a wave of losses… will gold continue to collapse?

Technical Analysis
By Shady Fouad
After a wave of losses... will gold continue to collapse?
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GOLD

الذهب

Gold is trading around the support area of $2610, and it is likely to break below this level in today’s trading. This minor will be invalidated if the secondary resistance area of $2630 is breached to the upside in today’s trading.

Support

 2610 2580 2555
Resistance 2630 2650

2710

Recently, gold has experienced a significant drop in its prices following a wave of selling pressure due to several key factors. Chief among these factors was the rise in the U.S. dollar and increased bond yields, which made non-yielding assets like gold less attractive to investors, as liquidity shifted towards higher-yielding investments. Nevertheless, gold remains in the spotlight as a safe-haven asset, and it is likely to recover if signs of weakness in the global economy emerge or if inflation concerns resurface.

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Shady Fouad

Shady Fouad is a technical analyst at LDN Company
Shady's strategic vision in the currency markets is reinforced by more than fifteen years of trading experience, which enables him to blend economic and technical analyzes with high efficiency, and find the best investment ideas for traders.

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