This article is short, purposeful, and rich in information. Here’s what happened! The trade agreement between the United States and China has finally been reached, and with it, U.S. tariffs on Chinese goods will remain around 30%, while Chinese tariffs on American products will be about 10%. This agreement significantly boosted market sentiment.
But the question here is: Is this the reason that drove gold prices down? Let's look at the bigger picture...
Gold reached its all-time high at $3500 per ounce.
After that, the market experienced a correction, and gold returned to test important support areas, surpassing the $3330 level.
What drove investors to sell was what they heard in the news, but what drove me to sell were those critical levels. Always remember that "the trend is your friend," but you must know when to stop or when the right time to stop is, because after that, what I see is that gold could exceed $3500!
Pay attention to the important levels below, and remember that we have a long week ahead.
