The price of gold rose again

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avatar of @momins
@momins5 months ago
2 min read

xau.PNG Earlier I said $1824 support level is very effective, it happened. Gold started to move lower after rising to $1865 and forming a nice pinbar at the $1824 support level. We can call this pinbar as perfect signal bar. The market continues higher from the pinbar and reaches $1880. You can see how the price bounced from this support on the chart, The $1824 support level is a real surprise. Such a beautiful market format is very rare and very profitable.

Now the price of gold may retrace lower and if true then another signal at the $1824 support level should be awaited. By the red arrow on the chart I mean that if the price of gold touches the support level it will retest and go up again. This is a strong support so we can enter the trade as soon as we get the signal.

Gold looks set to move higher and has already given good profits. As gold is a real asset, it does not cheat its investors. However, if the $1824 support level is broken, we could see a big move lower in the gold price, which none of us want. A rise in the US dollar may not have much of an effect as new investment in gold continues to increase. We can watch and wait for higher gold prices.

U.S. Dollar Index (DXY) has declined and is standing at 103.52. If it increases further then the price of gold may fall slightly. But I hope it won't affect Gold too much.

Trade wisely, and learn to trade well. Don't invest on the words of others, know that trading is very risky

Best regards

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