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Gold has erased earlier losses in Asia and is now trading $6 higher to $4100.This is a good sign for gold bulls as both tests of $4000 held yesterday and now we’ve gotten through the Asia-opening hours that saw heavy selling yesterday. The climb back above $4100 is a good sign and any close above that in the day ahead would be good news for the bulls. However I think it would take a rise back above yesterday’s intraday high of $4161 to create some FOMO.
This article was written by Adam Button at investinglive.com.
đź’ˇ DMK Insight
Gold’s recovery above $4100 is a crucial signal for bulls, especially after holding $4000. This bounce back indicates resilience in the face of selling pressure, suggesting that traders might want to reassess their positions. The recent tests of $4000 show strong support, and breaking through $4100 could lead to further upward momentum. Watch for potential resistance around $4200, as that level could trigger profit-taking from short-term traders. If gold can maintain this upward trajectory, it could attract more institutional interest, especially with ongoing inflation concerns and geopolitical tensions. But here’s the flip side: if gold fails to hold above $4100, we might see a quick reversal back to the $4000 support, which could shake out some bullish positions. Keep an eye on volume trends as well; a surge in buying volume could confirm the bullish sentiment, while declining volume might suggest a lack of conviction in the rally.
đź“® Takeaway
Monitor gold’s ability to hold above $4100; a failure to do so could trigger a drop back to $4000.
