As seen from last week CPI data which drove gold prices high, breaking 1809.47 1st week of July level. Bulls drove price back below That level testing it multiple times. Yesterday with the long awaited Q4 interest rate decision from the FED. which as expected was increased by 50 bias points to 4,5%. Markets reacted very bearishly to later re-gain losses. Today, Gold reacted bearish breaking below 1802.03 3rd week August level. Currently Gold is trading at 1775.65. A break below 1766.26 will see us reaching levels of 1747.70 last week August level. Resistance at 1775.800 will give us support towards 1802.03.
This is not trading advice.
This is not trading advice.