But again, it is important to look at the background in the run up to January this year. Gold climbed by a staggering 27% in 2024 and that is despite a slight dent seen in November and December trading. It took more than a year for price to dip below the 100-day moving average and even then, we're seeing above that the break didn't have legs to it.
If there is a meaningful break under $2,600, that could really trigger a very sudden squeeze in gold. If that happens, a quick plunge to test the 200-day moving average (blue line) near $2,500 should not be ruled out.
For now though, we'll have to see what the data holds.
This article was written by Justin Low at www.forexlive.com.Hence then, the article about gold hangs on above key technical point to start the week was published today ( ) and is available on forex live ( Middle East ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.
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