Gold Signals Distress
Gold prices are testing the support at $2010 per troy ounce for the second time this month. This signals its weakness. There is also a technical support of the ascending channel established on November 13, 2023. A breakthrough of this support would weaken gold even more. An escalation of the Middle East conflict may push gold prices up, but it would delay a correction of gold prices by 2-3 weeks at most. Otherwise, we may soon see a drop in bullion prices towards $1920. This is my target for short trades. It is difficult to designate an entry point so far. I plan to open a short position on the retest of the $2010 support level. A stop-loss order is set high – above $2100 per ounce.
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