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Gold Price Forecast: Technical Analysts Predict Upside Potential Despite Recent Decline

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Investing.com – The hype over the US debt ceiling deal is over, but gold isn’t dead yet. The yellow metal ended its trading for the past week on Friday with a decline, erasing all that rose during the week. Leaving gold in a slightly positive mood during the week.

The spot price of gold, which reflects physical trading in bullion and is being closely watched by some traders, settled at $1,948.46, down $29.06, or 1.5%. The spot reached a one-week high of $1,983.44 on Friday before falling sharply.

On a weekly basis, gold witnessed stability and a slight positive movement, despite rising for the second time in three sessions, as forex traders interacted with the Senate’s approval of the debt ceiling deal, which only needs President Joe Biden’s signature afterwards.

May also proved stronger than expected while unemployment itself rose, dividing opinion among economists on whether policymakers will raise interest rates again when they meet on June 14.

Gold: spot price forecast

Spot gold succeeded in recovering from $1932 an ounce and rising to $1983 in Friday trading, slightly above the daily range of Bollinger Bands at $1980, but it failed to hold above the area, and the strong jobs report pushed the metal below the level The $1,975 support, reaching $1947.

Dixit, a commodity technical analyst from SKCharting, said that as long as gold maintains above the horizontal support zone between $1945 and $1942, it could see a bounce towards $1960.

“A strong consolidation above $1,960 will be needed to attract buyers for a retest of $1,975,” Dixist explained.

On the downside scenario, Dikest believes that stabilization below $1,960 and a sustained break below the horizontal support area of ​​$1,945 to $1942 will necessitate a further drop to $1,932 to $1926, followed by a deeper correction in the $1913 to $1910 region. US dollars.”

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2023-06-04 17:49:00
#Technical #analyst #Spot #gold #contracts #closer #upside #breaking #point #Powered #Investing.com

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