World gold drops after a series of sideways days
The current global gold price is down slightly today, with the value of gold falling by $7.6 to $1,906.8 per ounce. In terms of futures trading, the December gold futures price was last observed at $1,944 per ounce, down $2.60 from the previous session.
Earlier this week, December gold futures hit a five-month low due to bullish pressure on the US dollar. Earlier today, the US Dollar Index rose above 103 points, making gold less attractive to buyers holding currencies other than the USD. Furthermore, the technical indicators for gold are currently trending downwards causing uncertainty for those who favor higher prices.
In the short term, gold is likely to still struggle to gain any upside momentum; However, it is important to note that demand from the world's major central banks will act as support for its decline in value.
A recent report published by the World Gold Council indicates that these central banks have not stopped adding gold reserves to their holdings as part of their diversification strategies and efforts. their ongoing diversification.
Earlier this week, December gold futures hit a five-month low due to bullish pressure on the US dollar. Earlier today, the US Dollar Index rose above 103 points, making gold less attractive to buyers holding currencies other than the USD. Furthermore, the technical indicators for gold are currently trending downwards causing uncertainty for those who favor higher prices.
In the short term, gold is likely to still struggle to gain any upside momentum; However, it is important to note that demand from the world's major central banks will act as support for its decline in value.
A recent report published by the World Gold Council indicates that these central banks have not stopped adding gold reserves to their holdings as part of their diversification strategies and efforts. their ongoing diversification.
Comment:
USD increase will be an indicator for the downtrend of Gold price. The price is currently at a sensitive level so more signals can be watched but the trend of trading strategy still supports selling down.
Comment:
Gold and silver prices edged lower in early trading on Monday, amid quieter US markets and hitting a six-week low.
