Gold breached the resistance level of $1,910. Economists at ANZ Bank analyze the yellow metal’s technical outlook.
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People might start buying at $1,900, which could prevent the price from falling further.
Gold has to stay above $1,910 and go beyond the next hurdle at $1,950 to change its current downward direction. If it passes $1,950, that would confirm a pattern called ‘double bottom,’ signaling a shift in the trend.
The recent changes in the price of gold were influenced by the Israel-Hamas conflict. If the situation gets better, the extra price caused by these issues might go away quickly.
The price could drop below $1,900 again. But, at that point, some people might start buying, which would prevent it from falling too much.
