A Bearish Week for Gold 10/8/2024

This week we expect Gold to deliver more on the sellside. This is due to a very strong dollar that rallied up last week despite the looming economic conditions. Gold also failed to go up past 2685.29 level last week and thus could slightly pull back to 2613.89 level before resuming the upward trend that it has been on since the beginning of this year. The next level that I will be taking my profits if gold continues going down this week is 2603.62. If it goes any lower than that then I will be looking at the 2548.88 level as my next take profit level. Historically, Gold has shown resilience compared to other commodities or forex pairs and because of this, we do not expect it to go below the 2548.88 level this week, but if it does, we will update you on the next level we will be looking at. Wishing you a successful trading week.

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