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Meanwhile, on the daily chart, price action came within a stone\u2019s throw of testing support from US$2,942 at the beginning of the week before rallying to all-time highs noted above. What is interesting from a technical perspective is that the move left behind a demand area at US$3,000-US$3,058, which, in my opinion, represents a key technical zone.<\/p>\n
With Gold firmly entrenched in a strong uptrend, dip-buyers could emerge from the daily demand area if a correction occurs. That said, given technical indicators on the monthly chart suggesting buyers could pump the brakes, any dip-buying activity would likely be approached with caution. Confirmation<\/em> \u2013 such as a bullish candlestick signal or supporting price action on lower time frames \u2013 might be required before pulling the trigger.<\/p>\n However, any movement below the mentioned demand area signals bearish strength from the monthly resistance zone, and potentially opens the door to short-term selling opportunities, targeting daily support at US$2,942, closely followed by support at US$2,865, and possibly US$2,790.<\/p>\n [ad_2]<\/p>\n","protected":false},"excerpt":{"rendered":" [ad_1] Daily Demand Zone; Dip-Buying? Meanwhile, on the daily chart, price action came within a stone\u2019s throw of testing support from US$2,942 at the beginning of the week before rallying to all-time highs noted above. What is interesting from a technical perspective is that the move left behind a demand area at US$3,000-US$3,058, which, in my opinion, represents a key technical zone. With Gold firmly entrenched in a strong uptrend, dip-buyers could emerge from the daily demand area if a correction occurs. That said, given technical indicators on the monthly chart suggesting buyers could pump the brakes, any dip-buying activity would likely be approached with caution. Confirmation \u2013 such as a bullish candlestick signal or supporting price action on lower time frames \u2013 might be required before pulling the trigger. However, any movement below the mentioned demand area signals bearish strength from the monthly resistance zone, and potentially opens the door to short-term selling opportunities, targeting daily support at US$2,942, closely followed by support at US$2,865, and possibly US$2,790. [ad_2]<\/p>\n","protected":false},"author":1,"featured_media":42600,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"categories":[45],"tags":[],"class_list":["post-42599","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financas"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t