Gold is really at a low price now? Good to buy?

Gold Analysis

Gold is moving in a downtrend by forming lower highs and lower lows in the daily time frame chart.

In our last week Gold update (click here to see), we recommend to our users that gold is going to reach the lower low zone (bottom) of the downtrend line.

Gold hits the lower low zone of the downtrend line

Finally, Gold hits the lower low zone of the downtrend line now.

The US Dollar remains strong, so wait for the complete confirmation of reversal or breakout for entering into the gold.

Gold

gold bar falling from the sky


Gold Prices seems lower as US Dollar performing high. And also, Investors seek riskier currencies and US Bonds to earn more interests other than Gold.

Corona Pandemic now getting closed by Vaccinations in the US, this is a bigger relief for the US economy.

And Gold is a safer asset, now pandemic getting solved in fast progress, this result in Gold prices fell by 15-18% from last August 2020.


USD remains strong

US Dollar symbol in superman

US Dollar drives higher as US Bonds yields surge higher more as Sell off in Bonds.

And FED statement clearly says no action for current Bonds yields surges, Wait and see approach Following, one asset Growing is not a concept for US Economy and the Domestic data is higher to compensate pandemic data.

This week ADP data and Friday Non-Farm Payroll Data came in a Positive number as expected, and this positive NFP data drives Dollar direction in further days. 

Get Each trading signal with Chart Analysis and Reason for buying or selling the trade which helps you to Trade with confidence on your trading account.

Want to increase your profits in trading? Get the best trading signals at an accurate time. Try premium or supreme signals now: forexgdp.com/forex-signals

FOREX GDP

Forex GDP team provides High Quality Forex signals services exclusively to all type of traders around the world. Each signal given with chart analysis that helps you to trade with confidence on your account. Forex GDP team worked with Major banks, Financial Institutions, Liquidity providers, Forex brokers in different job positions such as Equity Dealer, Fund Manager, Senior Market Analyst, Risk Manager and other major roles in Forex Trading Companies. Try free now to see the quality trades on your account.

FOREX GDP