Gold – Up, Down, or Sideways?
Gold has remained relatively stable within the 4,400–4,900 range and hasn't been significantly influenced by the rally in U.S. and global equity indices during April and May. It also appears to have lost some of its safe-haven appeal during the escalation of the Iran conflict.
From a fundamental perspective, we see limited upside potential given the factors mentioned above. Downside risks appear to prevail, as any deterioration in risk appetite could trigger at least a short-term correction across asset classes.
Upside scenario
We view 4,550 as the first strong resistance level, followed by further resistance around the 4,600 and 4,650 areas.
Downside scenario
The 4,450 level could be tested, with further support at 4,400 and 4,300. These levels may come into focus quickly if downside momentum accelerates.
By Born2trade market research department
Risk Disclaimer: All research and/or forecasts above reflect the author's personal opinion and cannot be treated as trading advice. born2trade is not responsible for any trading results based on any information in this article. Trading Forex and CFDs carries a high level of risk to your capital. You may lose all of your invested funds. Forex and CFD trading may not be suitable for all investors. Please ensure that you fully understand the risks involved and, if necessary, seek independent advice.
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