Alexander_Bennett

Gold price today: Costed the price of 2300 USD

OANDA:XAUUSD   Gold Spot / U.S. Dollar
The current situation:
On June 11, 2024, gold price is trading around the psychological level of 2300 USD/ounce, increasing significantly compared to the previous closing. This increase takes place in the context of weakds of the dollar and the yield of bonds decreases slightly.

Impact factors:
-Global monetary and economic policy:
Investors are expecting monetary policy decisions from the US Federal Reserve (Fed) this week. It is forecast that the Fed can keep or cut interest rates that weaken the dollar, creating favorable conditions for the increase in gold prices

-Safety and investment bridge:
Gold benefits from the role of safe shelter in the context of economic and financial instability. With concerns about global economic growth and fluctuations in the stock market, investors are looking for gold as a safe investment option.

Forecast in the short term, gold prices are likely to maintain an increase trend if the support factors such as the dollar weakened and the bond yields decreased.

From the technical analysis:
Currently, the latest support threshold of gold is about 2310 - 2315 USD/ounce. Strong resistance threshold is determined at 2,385 USD/ounce. The breaking of this resistance threshold can bring gold to higher levels in the coming time
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