Early on Thursday morning, worldwide profit-taking caused gold prices in the UAE to drop by around Dh1 per gram.
While 22K, 21K, and 18K all opened lower at Dh259.5, Dh251.25, and Dh215.25 per gram, respectively, 24K was trading at Dh280.25 per gram in the United Arab Emirates.
According to Mohamed Hashad, chief market strategist at Noor Capital, gold prices have found good support recently near $2,290, sparking a noteworthy rally driven by the US dollar’s depreciation following the revelation of unfavorable economic data.
He said the basic moving averages and corroborating bearish signs apply “negative pressure” to the yellow metal.
These signs imply that the current downward correction might carry on. Remaining below the crucial support level that turned into resistance at $2,325 increases the probability that the downward corrective trend will resume. According to Hashad, the critical waypoints for this downturn are $2,300 and $2,260.
But if gold finds stability above $2,325 again, a reversal scenario might occur, limiting losses and starting a retest toward $2,365–$2,360. The fact that geopolitical tensions—a major determinant of changes in the price of gold—remain elevated is noteworthy, he continued.
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