Gold Fails to Hold Weekly Support Levels: Bulls Seek Higher Low to Reverse Bearish Trend

Gold failed to hold $1912 and set a new higher low this week. This inability to hold these levels has put the spotlight on the bulls, who are hoping to establish a higher low on the weekly timeframe, potentially reversing the bearish trend that has persisted since gold's peak near $2070 in May.

One of the roles traditionally assigned to gold is that of an inflation hedge. However, in recent years, the precious metal has not lived up to this reputation as inflation rates have risen. Gold's returns have been lackluster, which has left investors questioning its effectiveness in this regard.

For traders considering looking to trade Gold, patience is crucial. Waiting for clear signs of an uptrend before taking bullish trades can help avoid potential losses. This includes observing price action, technical indicators, and broader market sentiment.