The legend in the InstaSpot team!
Legend! You think that's bombastic rhetoric? But how should we call a man, who became the first Asian to win the junior world chess championship at 18 and who became the first Indian Grandmaster at 19? That was the start of a hard path to the World Champion title for Viswanathan Anand, the man who became a part of history of chess forever. Now one more legend in the InstaSpot team!
Borussia is one of the most titled football clubs in Germany, which has repeatedly proved to fans: the spirit of competition and leadership will certainly lead to success. Trade in the same way that sports professionals play the game: confidently and actively. Keep a "pass" from Borussia FC and be in the lead with InstaSpot!
Nevertheless, a recent survey by the World Gold Council indicates that central banks continue to increase their gold reserves, viewing the precious metal as a safe-haven asset during periods of financial stress and geopolitical uncertainty. For example, in May, the People's Bank of China (PBOC) increased its gold holdings by another 320,000 ounces, marking the nineteenth consecutive month of reserve growth. In addition, according to the latest reserve report published by the European Central Bank (ECB), gold has officially surpassed U.S. Treasury securities as the world's second-largest official reserve asset by value.
For better trading opportunities, traders should wait for the release of key U.S. economic data, particularly the ISM Services PMI, which could influence demand for the U.S. dollar and, consequently, gold price dynamics.
Therefore, although the current correction in gold prices may prove temporary, the underlying fundamental factors continue to point to the potential for a renewed upward trend. Traders should closely monitor upcoming U.S. economic releases and statements from FOMC members, as they may significantly influence market sentiment in the coming days.
From a technical perspective, holding above the 20-day SMA continues to support the bullish outlook. Although momentum oscillators remain in negative territory, indicating that bears still retain a short-term advantage, the Relative Strength Index (RSI) is approaching the 50 level, while the MACD histogram is contracting in favor of the bulls, suggesting that bearish momentum is fading.
Gold is currently encountering resistance at $4,200. A sustained breakout above this level would open the way toward the 200-day EMA. Conversely, if the price falls below the 20-day SMA, the next support is located at $4,122, near the psychologically important $4,100 level. As long as gold remains above these support levels, bulls are likely to retain enough strength to challenge higher prices.
*Analiza tržišta koja se ovde nalazi namenjena je boljem razumevanju tržišta i ne pruža instrukcije za vršenje trgovanja.
Uz InstaSpot-ove analitičke preglede uvek ćete biti u toku sa tržišnim trendovima! Klijentima InstaSpot-a su dostupni mnogobrojni besplatni servisi za uspešno trgovanje.
