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Gold Breaks Its Uptrend Since March 2021
Despite the deteriorating risk appetite, ounce gold was also subjected to sharp selling pressures yesterday as safe-haven demand...
Yazar: Charles Porter
Yayınlanma: 7 Temmuz 2022 06:28
Güncellenme: 7 Kasım 2024 17:23
Gold Breaks Its Uptrend Since March 2021
Despite the deteriorating risk appetite, ounce gold was also subjected to sharp selling pressures yesterday March 7 as safe-haven demand intensified in the dollar index. Breaking the $1800 level downwards and falling to $1763 levels, ounce gold ended the day with a sharp decline around $1765. With yesterday's close, ounce gold broke the uptrend it has been maintaining since March 2021.
The ounce price of gold is trading at $1765 this morning. The trend break as a result of yesterday's sharp decline can be seen on the chart below. Technical indicators signal that the risks are evolving downwards after the trend break and prices may remain below the $1800 level in the short term. Therefore, as indicated by technical indicators, we are of the opinion that ounce gold may continue to stay below the $1800 level in the short term and may be traded in the $1750 - $1800 band. In case of a downward break of the $1750 level, the decline may accelerate towards the $1735 level.
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