Hello dear friends!
Today, Gold continues its downward trend, currently trading at $1913. The main reason for this is the technical selling pressure following the previous 3% surge, driven by safe-haven demand.
In addition to the developments in the Middle East, investors are also paying attention to the US monetary policy stance, with Federal Reserve Chairman Jerome Powell's speech later this week. According to the CME FedWatch tool, markets are predicting a 90% chance that the Fed will keep interest rates unchanged at its policy meeting next month. This will have some impact on gold. In the near future, the market may retest the previously broken resistance level. In the long term, the market may receive support from various factors, including the buying activity of central banks. The strong and sustainable gold buying by central banks has provided a solid foundation for the recent price surge and will be the main driving force pushing the precious metal to new all-time highs in the new year. On the other hand, central bank buying could be the reason why gold has maintained a significant support level of $1800/ounce during the selling pressure caused by rising interest rates.
Today, Gold continues its downward trend, currently trading at $1913. The main reason for this is the technical selling pressure following the previous 3% surge, driven by safe-haven demand.
In addition to the developments in the Middle East, investors are also paying attention to the US monetary policy stance, with Federal Reserve Chairman Jerome Powell's speech later this week. According to the CME FedWatch tool, markets are predicting a 90% chance that the Fed will keep interest rates unchanged at its policy meeting next month. This will have some impact on gold. In the near future, the market may retest the previously broken resistance level. In the long term, the market may receive support from various factors, including the buying activity of central banks. The strong and sustainable gold buying by central banks has provided a solid foundation for the recent price surge and will be the main driving force pushing the precious metal to new all-time highs in the new year. On the other hand, central bank buying could be the reason why gold has maintained a significant support level of $1800/ounce during the selling pressure caused by rising interest rates.
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good luck
Trade active
Comment:
Gold has achieved good gains in today's session
