Last week, the gold market witnessed a significant decline and seems likely to continue to correct this week. Gold prices opened the session stable at around 2,340 USD and remained stable in the early hours of the Asian trading session.
Gold prices reached a record high of 2,450 USD/ounce early last week before the market reacted to news of the tragic accident that claimed the life of the President of Iran. However, the strength of the USD has caused gold prices to plummet to nearly 2,300 USD/ounce.
In addition, gold demand from Chinese investors also decreased, which is another unfavorable factor for the precious metal. Initial resistance for gold prices this week is expected to be $2,375/ounce, while support ranges from $2,275 to $2,300/ounce.
Gold prices reached a record high of 2,450 USD/ounce early last week before the market reacted to news of the tragic accident that claimed the life of the President of Iran. However, the strength of the USD has caused gold prices to plummet to nearly 2,300 USD/ounce.
In addition, gold demand from Chinese investors also decreased, which is another unfavorable factor for the precious metal. Initial resistance for gold prices this week is expected to be $2,375/ounce, while support ranges from $2,275 to $2,300/ounce.
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