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Technical Analysis
Gold Updates by Solid ECN
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[QUOTE="SOLIDECN, post: 208865, member: 80239"] [JUSTIFY][img]https://i.ibb.co/WWQfbZR/gold-forum-2.png[/img] Gold prices show quite active growth during the Asian session, recovering to the previous local highs, updated last week. The instrument is testing 1860 for a breakout, receiving support from a rather weak dollar. However, the USD Index is up 0.05% intraday at 101.68, rebounding from Friday's monthly low of 101.43, as markets weigh Friday's US data to predict the next move by the US Fed. Demand for gold remains stably high, given that the fundamental picture in the markets is changing slightly. Investors are still watching the development of the Russian-Ukrainian conflict, which has generated many additional risks and does not yet give any hope for a quick improvement in the situation. The pressure on the US currency increased last week amid the incident in the Persian Gulf. Earlier, the Greek authorities seized a tanker with Iranian oil, after which they handed it over to the United States. Iran responded to this by detaining two Greek tankers, which could lead to a new escalation of tension in the Middle East. At the same time, as monetary policy tightens in various regions, the demand for risk is gradually recovering, putting pressure on "safe" gold. [img]https://i.ibb.co/ydVLvMG/gold-1.png[/img] Bollinger Bands in D1 chart demonstrate flat dynamics. The price range expands from above, freeing a path to new local highs for the "bulls". MACD is growing preserving a weak buy signal (located above the signal line). Stochastic, on the contrary, maintains a confident downward direction and at the moment practically does not react to the resumption of growth. Resistance levels: 1869.49, 1885, 1900, 1930 | Support levels: 1850.2, 1840.26, 1823.09, 1800 [img]https://i.ibb.co/FXTbRMz/gold-2.png[/img][/JUSTIFY] [/QUOTE]
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