Gold continues to fall with no sign of increasing
Hello everyone, gold prices experienced a slight decrease upon the opening of trading this week, with gold being traded at $1,891 per ounce. This decline follows three consecutive weeks of downward movement in the market.
Gold continues to face downward pressure due to the recovery and sustained high value of the US dollar in international markets. The further increase in US bond yields and strengthening of the US dollar could potentially cause gold, a precious metal, to decline even further.
Please refer to the chart for a better overview. Thanks everyone
Gold continues to face downward pressure due to the recovery and sustained high value of the US dollar in international markets. The further increase in US bond yields and strengthening of the US dollar could potentially cause gold, a precious metal, to decline even further.
Please refer to the chart for a better overview. Thanks everyone
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."
