As calculated past week, the gold price has moved sideways around 232x – 235x. It is predicted that after the PCE data released last week, it will directly affect the price and put the price line out of the sideways zone.
Based on the methods in Technical Convergence, the gold price is expected to drop significantly in the near future. This is further reinforced by the analysis of the strength of the dollar. So we will wait for the price to recover to the resistance convergence level around 2340, at that time, we will have a strategy to follow the correct trend.
By following the main trend, you almost have the victory in your hands. Remember to always follow risk management principles to generate sustainable cash flow.
Wishing investors smart and effective investment strategies! And stay tuned for the next gold price news.
By. Pham Thanh Bien
