Gold is often called the “universal currency” because it is accepted and traded worldwide. The price of gold is determined by a variety of factors, including global economic conditions, production levels, and geopolitical instability.
The value of gold can be volatile, but over the long term it has been a relatively stable investment. Gold prices hit an all-time high in 2020 and 2022, but have since fallen back somewhat. Many investors believe that gold will continue to appreciate in value over time due to its scarcity and other factors.
If you’re thinking about investing in gold, it’s important to do your research first. There are a variety of ways to invest in this precious metal, so make sure you understand the risks and potential rewards involved before making any decisions.
- The medium term bias remains bearish.
- The previous swing low is located at 1616.00.
- Support could prove difficult to breakdown. Also If it is break move down at 1606 area.
- A higher correction is expected.
- We therefore, prefer to fade into the dip with a tight stop in anticipation of a move back higher.
Recommendation: Buy/Buy Limit @ 1616 Target/TP: 1636
