Gold prices continue to find a bottom at low prices

Selena_Paul Updated   
OANDA:XAUUSD   Gold Spot / U.S. Dollar
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At the end of last week's trading session, the price of gold settled at $1848 per ounce, the lowest it has been in many months.

It can be seen that over the past week, the price of gold has continuously declined from a high of $1945, equivalent to a decrease of $97 in the past week. Important support levels have been broken, and gold has plummeted due to the strength of the US dollar and high yields, which continue to weigh on the precious metal.

With the ongoing difficulties, it is possible that the downward trend will continue. On the 1D timeframe, the next landing point could be set at $1810 with a short-term recovery, while resistance is placed at $1885 and $1855.
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To be able to return to the increase, gold needs a huge support force from the positive market news
the aforementioned fundamental backdrop suggests that any attempted recovery might still be seen as a selling opportunity and runs the risk of fizzling out rather quickly. Hence, any immediate market reaction to softer US data is more likely to be short-lived.
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