XAUUSD: Continuing downtrend
Ralph Benjamin greets everyone!
Currently, the price of gold is struggling to attract any meaningful buyers in the context of purchasing new USD. Betting that the Fed will maintain higher interest rates for a longer period of time in the face of challenging inflation will help revive the demand for USD, thereby allowing short sellers to expect some selling waves to reach their target before placing new bets. The price of gold may then extend its downward adjustment further towards the intermediate support level of $2,260-$2,255 before declining even further.
Currently, the price of gold is struggling to attract any meaningful buyers in the context of purchasing new USD. Betting that the Fed will maintain higher interest rates for a longer period of time in the face of challenging inflation will help revive the demand for USD, thereby allowing short sellers to expect some selling waves to reach their target before placing new bets. The price of gold may then extend its downward adjustment further towards the intermediate support level of $2,260-$2,255 before declining even further.
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