At Wednesday’s market opening, gold prices in the United Arab Emirates dropped Dh4.5 to their lowest level since mid-March. The price of 24K gold was trading at Dh537.75, according to data from Dubai Jewellery Group. The precious metal has remained stable between Dh541 and Dh588 from April to May.
On Monday morning, the prices of the other precious metal variations—22K, 21K, 18K, and 14K—were Dh498, Dh477.50, Dh409.25, and Dh319.25 per gram, respectively. Silver saw a minor drop, trading at $74.36 (Dh273.23), while spot gold traded at $4,466.56 (Dh16,400.57) globally.
According to Ole Hansen, Head of Commodity Strategy at Saxo Bank, traders continue to focus on energy prices, inflation expectations, bond yields, and the currency. He said, “Technically, gold has in the very short term settled into a narrow $4,500 to $4,590 range, with prices compressing around key Fibonacci retracement levels.”
According to Investopedia, traders utilize Fibonacci retracement levels to construct stop-loss levels, place entry orders, and establish price goals. Two significant moving averages continue to limit the overall configuration. Hansen continued, “The 50-day moving average around $4,705 continues to cap upside attempts, while the 200-day moving average, currently near $4,355, represents the next major support level.
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