Gold price this week is likely to continue to decrease
Gold prices continued to decline in the market today (21/8). The US dollar and yields on US government bonds remain high, causing global gold prices to sink. This could put pressure on gold as investment demand decreases, unless there is some kind of instability or if the US dollar weakens due to the Federal Reserve shifting its focus towards interest rate cuts.
Comment:
Technical traders are unlikely to offer much support until the downtrend is broken and until then, spot gold could be at risk of extending towards $1,865.
Comment:
"Gold's sharp decline began a month ago when the metal was prevented from consolidating above $80 an ounce, a key resistance level since May 2023."
