Gold Prices Hit Two-Month Low as Dollar Surges to One-Year High and Trump’s Comeback Impacts Market
In my previous analysis, I discussed the key support and resistance levels for gold in light of Trump’s protectionist policies. Technical indicators show bearish momentum with gold futures potentially hitting lows from previous years.
The weekly chart displays a bearish hammer formation followed by consecutive bearish candles, pushing gold below the 50 DMA. This suggests a continued downward trend in the coming month. On the daily chart, the 9 DMA is poised to cross the 50 DMA, indicating a further decline if support at $2552 is breached.
If gold fails to hold at $2424, the next target could be $2367. Traders should exercise caution and assess their own risk tolerance before taking any positions in gold. Remember, any bounce in gold prices may attract substantial selling pressure from bearish investors.