Gold prices experienced declines due to a combination of factors, including a stronger U.S. dollar and concerns about rising inflation. It fell to its lowest level in a month, reaching $1,911.69 an ounce for spot and $1,943.55 an ounce for futures expiring in December. These levels were the weakest since early July. The dollar's strength was attributed to increased worries about U.S. inflation and the possibility of the Federal Reserve implementing higher interest rates to address it. This led to a rise in the dollar's value against other currencies, which in turn put downward pressure on commodities priced in dollars, including gold.
Both MACD and RSI indicators are also confirming the bearish trend. If it continues, gold might reach its support level at 1886.87.
1908.88 might be considered as a pivot point, which, if it gets breached, the price might target levels of 1929.91.
Risk Disclosure: Trading Foreign Exchange (Forex) and Contracts of Difference (CFD's) carries a high level of risk. By registering and signing up, any client affirms their understanding of their own personal accountability for all transactions performed within their account and recognizes the risks associated with trading on such markets and on such sites. Furthermore, one understands that the company carries zero influence over transactions, markets, and trading signals, therefore, cannot be held liable nor guarantee any profits or losses.
Both MACD and RSI indicators are also confirming the bearish trend. If it continues, gold might reach its support level at 1886.87.
1908.88 might be considered as a pivot point, which, if it gets breached, the price might target levels of 1929.91.
Risk Disclosure: Trading Foreign Exchange (Forex) and Contracts of Difference (CFD's) carries a high level of risk. By registering and signing up, any client affirms their understanding of their own personal accountability for all transactions performed within their account and recognizes the risks associated with trading on such markets and on such sites. Furthermore, one understands that the company carries zero influence over transactions, markets, and trading signals, therefore, cannot be held liable nor guarantee any profits or losses.