Gold has been staying around the same price without going up or down much, even though other things in the world are changing. This has been happening since the beginning of May. Until we see a clear sign of whether gold will go up or down, it’s likely to keep trading in this range for now.
If you look at a chart that shows how gold’s price has been moving every four hours, you’ll notice that it’s been moving sideways. People are willing to buy gold when its price is below $2286, but they’re not willing to pay more than $2330 for it.
Even though gold’s price has been going up lately, this week it hasn’t been doing so well. It’s struggled to go above $2330 several times. This is surprising because other things like U.S. bond yields and the value of the dollar haven’t changed much, and there haven’t been any big new stories about conflicts in places like Gaza.
Usually, when there’s more fighting in the Middle East, gold’s price goes up because people see it as a safer investment. But this time, it hasn’t reacted much to those reports.
For those who want to make quick trades, selling gold just below $2330 and aiming for a return to the lower end of the current price range might be a good idea. To protect yourself from the price going up again, you could set a stop just above $2332. If the price moves in your favor, you could adjust your stop to the entry level, so you don’t lose any money if the price drops.
Usually, gold’s price is influenced by things like the value of the U.S. dollar and U.S. interest rates, but recently, they haven’t been affecting it much. Also, news about conflicts in the world, like in the Middle East, hasn’t been changing gold’s price either. So, right now, it’s best to look at the price itself to decide if it’s going to go up or down in the short term.
