š Gold News:
ā”ļø Gold prices continue their recovery this week, rising above 4,600 after rebounding from the 4,100 USD level and posting gains for a second consecutive day on Wednesday. Optimism surrounding a potential ceasefire agreement between the US and Iran has eased inflation concerns, leading to lower US bond yields and triggering some selling pressure on the US dollar. This, in turn, supported gold prices during the Asian session, although expectations that the Federal Reserve may raise interest rates could limit further upside.
Technical Outlook:
ā”ļø A bullish flag pattern has already formed and successfully broken out of the trend zone, confirming continued upward momentum in gold prices. However, the precious metal is currently in overbought territory, and with the Asian session nearing its end, a short-term pullback is likely before the uptrend resumes.
My trading plan:
ā”ļø Support zone: 4500- 4505 ; 4426- 4420 ļØ consider Buy
ā”ļø Resistance zone: 4645- 4650 ; 4720-4725 ļØ Consider Selling
ā”ļøSupporting tools: Fibonacci, EMA, Trendline, price patterns
Wishing you a successful trading day!