Last week, we witnessed a sharp decline in gold price, with an estimated drop of about 250 points from the peak.
Following Trump’s rise to power, the U.S. dollar has made a strong comeback, which has significantly impacted gold prices.
From a technical perspective, with the current data, we can see that the first wave of the a-b-c corrective pattern is nearly complete and is now moving towards point b.
We will now wait for confirmation when the price revisits the technical support convergence zone around 2560, at which point we can consider entering the market.
The recent plunge serves as a reminder to always have preventive measures in place. The most effective approach is to strictly adhere to risk management rules.
Wishing investors smart and efficient investment strategies. Stay tuned for the next gold price updates.
By Pham Thanh Bien
