Gold suddenly turned around and dropped to 2,150 USD
Hello friends, what do you think about gold?
In today's trading session, XAUUSD continues to enter a correction phase after a new ATH level was formed from the high of 2222 USD. The gold market, perhaps still affected by yesterday's impact news.
On the 1-hour chart, it is pointing us to medium-term potential at the $2170-2150 mark. The price has entered a new correction range, after breaking out of the $2,174 level. Gold prices weakened today in the context of the Swiss National Bank suddenly reducing interest rates. Meanwhile. The Bank of England kept interest rates unchanged. As a result, investors focus on holding USD, helping this currency increase in price, which is detrimental to the gold market.
Technically, gold could test resistance before falling further. Very strong downtrend on the 1 hour chart. Fundamentally and technically, the Gold market is showing weakness so we can expect a negative scenario at the moment.
In today's trading session, XAUUSD continues to enter a correction phase after a new ATH level was formed from the high of 2222 USD. The gold market, perhaps still affected by yesterday's impact news.
On the 1-hour chart, it is pointing us to medium-term potential at the $2170-2150 mark. The price has entered a new correction range, after breaking out of the $2,174 level. Gold prices weakened today in the context of the Swiss National Bank suddenly reducing interest rates. Meanwhile. The Bank of England kept interest rates unchanged. As a result, investors focus on holding USD, helping this currency increase in price, which is detrimental to the gold market.
Technically, gold could test resistance before falling further. Very strong downtrend on the 1 hour chart. Fundamentally and technically, the Gold market is showing weakness so we can expect a negative scenario at the moment.
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