Gold prices stabilize after important news
Today, gold prices continued to fluctuate below the resistance level of $2032, finding support at $2020. The decline in global gold prices comes amid a strong rally in U.S. stocks, leading to a shift in some investments from gold to equities. This transition puts downward pressure on gold prices.
Moreover, the U.S. reported fewer weekly unemployment claims than expected, and manufacturing indices are on the rise, indicating an improving economy. This strengthens the Federal Reserve's (FED) position to maintain higher interest rates for an extended period. Consequently, the USD appreciated against six major currencies, further contributing to the decline in gold prices today.
Moreover, the U.S. reported fewer weekly unemployment claims than expected, and manufacturing indices are on the rise, indicating an improving economy. This strengthens the Federal Reserve's (FED) position to maintain higher interest rates for an extended period. Consequently, the USD appreciated against six major currencies, further contributing to the decline in gold prices today.
Trade closed: target reached
