GOLD: Still Supports for Further Gains!
Hello everyone! Today i want to share some macro analysis with you!
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Technical Analysis: $Gold - main 2604(GCmain)$
After a brief test of the $5,000 level, the technical outlook for gold prices still supports further gains. While the Relative Strength Index (RSI) has declined slightly, it remains in bullish territory, indicating that buyers are in control. However, in the short term, gold prices may consolidate in the $5,100-$5,250 range, awaiting a new catalyst. Conversely, if gold prices continue to fall below $5,000, the first support level is at $4,950, followed by the cycle low of $4,841 from February 17th. If gold prices weaken further, the next target will be the 50-day moving average at $4,810.
The short-term strategy remains buy-oriented! The ADP data will be released today, which warrants close attention! (Add me on my homepage for more signals)
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