🔖XAU/USD, H4🔖 8 March 2024
Gold prices are sustaining their bullish rally and are currently testing another resistance level at the $2160 mark. The surge in gold prices is primarily attributed to the weakening of the dollar, influenced by the dovish message delivered by Jerome Powell during the testimony. However, the prevailing optimism in equity markets and the cryptocurrency market suggests a growing risk appetite among traders, which could potentially limit the continued rally of gold.
Gold prices have been trading with strong bullish momentum but are currently held at near $2160, another resistance level. Suggesting the bullish momentum is easing.
Resistance level:2190.00, 2210.00📉
Support level: 2140.00, 2117.90📈
Gold prices are sustaining their bullish rally and are currently testing another resistance level at the $2160 mark. The surge in gold prices is primarily attributed to the weakening of the dollar, influenced by the dovish message delivered by Jerome Powell during the testimony. However, the prevailing optimism in equity markets and the cryptocurrency market suggests a growing risk appetite among traders, which could potentially limit the continued rally of gold.
Gold prices have been trading with strong bullish momentum but are currently held at near $2160, another resistance level. Suggesting the bullish momentum is easing.
Resistance level:2190.00, 2210.00📉
Support level: 2140.00, 2117.90📈
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