This morning, on the 10th day of the Lunar New Year – the God of Wealth Day – gold prices recorded a strong rally during the Asian session, rising from the 5,155 to 5,205 USD/ounce range.
Although this was a fairly positive upward wave, overall it was merely a rebound following the unexpected corrective candle at the end of yesterday’s U.S. session.
Gold is currently facing significant difficulty breaking through the strong resistance zone at 52xx–524x in order to return to its previous peak.
In the short term, the market remains cautious as it awaits the outcome of the important negotiations between the United States and Iran. If the results are unfavorable, gold is highly likely to break out strongly toward the previous ATH level of 5,600, and may even establish a new all-time high next month.
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