The price of gold has risen dynamically within the last 2 hours, strengthening by more than 2% from the daily low. Demand is clearly strong in the precious metal market - the bulls managed to break above major resistance at $ 1,875. Moreover, the price of gold broke the upper limit of the ascending channel. Meanwhile, the cryptocurrency market is experiencing a massive crash today, the prices of many digital currencies are dropping by as much as 30-40%! The worsening of sentiment is also visible in the global stock markets. It is possible that some investors may have abandoned the crypto market in favor of gold.
The price of gold (GOLD) broke above the upper limit of the ascending channel and key resistance level of $ 1,875. If the upward move continues, the next important resistance zone at $ 1,900 may be at risk. Source: xStation5
Daily Summary: Powell pulls markets back up! 📈 EURUSD higher
WTI Crude Plunges Over 2% to Lowest Level Since May
Coffee Futures Soar 5%, Break 400 Cents per Pound
Technical look: Gold falls from the record high🔔
This content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.
