Gold prices have collapsed, may rise again

8 comments0 reblogs
avatar of @momins
@momins4 months ago
2 min read

Gold 4 hours chart of https://goldprice.org

The price of gold has suddenly collapsed. Some are in a bit of discomfort. Gold prices are down about $100 from their recent highs in a very short period of time. This is a massive collapse that is really hard to accept. Earlier the price of gold touched $1960 which is considered to be the second highest price of gold. The price is currently down to around $1860.

In this regard, the American economy has strengthened somewhat, but not much. On 2nd of this month the value of usd index was lowest at 101.24. It started rising gradually since then which is currently at 102.99. It has moved up slightly which should have little effect on gold. But there seems to be another reason behind the fall in gold prices

Most likely gold buyers refrained from buying gold deeply and those who have already profited from gold are selling as a result of falling gold prices. As gold rose exponentially, it will fall. But it actually went down one more. I think gold will change its direction very quickly and go on a bull run. So we can consider gold price fall as a buying opportunity.

Due to the current volatility of gold prices, buying and selling in the forex market seems to be a problem. Forex Trading We use set and forget trading strategies so trading in situations is risky. If gold is normal then market analysis and action can be taken. Trade wisely, don't invest on other people's words. Be aware that trading is very risky

Best regards

Image from thread