Gold prices rose in the UAE on Wednesday morning, after dipping by roughly Dh3 per gram on Tuesday.
According to Dubai Jewellery Group data, 24K traded at Dh261.50 per gram at the market’s opening on Wednesday, up from Dh261 per gram at the previous night’s close. Other yellow metal versions include 22K at Dh242, 21K at Dh234.25, and 18K for Dh200.75 per gram.
He stated that the near-term bias still favors optimistic traders following last week’s breakout from the previous record high.
“Resistance levels are at $2,196 and $2,214, creating barriers to any prospective rebound. On the support side, $2,155 and $2,131 are critical levels that could halt losses. Meanwhile, the 50-day Exponential Moving Average (EMA) at $2,132 indicates a bullish outlook on a longer time frame.
Gold’s current price trajectory is risky below $2,185. “Reclaiming ground above this level may indicate a bullish outlook, while failure to do so may confirm a bearish trend for the precious metal,” added Valecha.
Also Read:
Dubai Launches Dh500 Million Initiative to Boost Global Expansion of SMEs
Abu Dhabi, Dubai, and Sharjah Remain Affordable Amid Rising Global Living Costs
