Gold price analysis today, will gold drop to 1900?

Hello wealthy traders! It is a pleasure to join you in exploring today's market. The price of gold continues to decline, with gold trading around $1,916.5 per ounce, a decrease of $9.4 from the previous trading session.

We can observe that the strength of the US dollar and bond yields are major factors putting significant pressure on gold, causing it to decline and reach its lowest point in the past week.

Currently, on the 4-hour chart, gold has dropped to a level with strong support. Therefore, there is a high probability that gold will experience slight growth before undergoing a sharp decline.

What are your thoughts on today's gold price? Please let me know in the comments below.

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The US Federal Reserve (Fed) is unlikely to maintain its positive monetary policy stance until the end of the year.

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Currently, Fed is still tightening monetary policy and maintaining interest rates at record highs for decades. This is a supporting factor for USD and has a negative impact on gold.

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good luck everyone

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Gold is following the right indicator

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The ISM Services PMI landed at 54.5 against expectations of 52.5 and July’s reading of 52.7. As the sector accounts for two-thirds of the economy, the data points to continued strength in the US economic prospects and strong consumer spending.

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As expected, the consumer price index report of August will be published on September 13.

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Gold has returned to the correct price of 1925 USD

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What do you think about the gold price today?

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The price of the yellow metal is experiencing minor support due to the correction in the US Dollar (USD) after a three-day winning streak, which could be attributed to the correction in US Treasury yields.

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Traders are still watching US initial jobless claims data released later in the day for a better understanding of labor market conditions.

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Higher US interest rates will increase the opportunity cost of holding gold.

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“The recent reversal in US economic data from weak to strong, once again increases expectations that the US Federal Reserve (FED) may not yet make the move to raise interest rates.”

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Don't hesitate to share your views in the comments section! I really want to listen to you

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If anyone needs any help, just ask

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where inflation recedes without triggering a recession.
After neutral commentaries from Fed policymakers, chances that interest rates will remain unchanged at 5.25%-5.50% for the remainder of the year rose to 55% against the 53% recorded earlier.

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Gold price lost its traction and declined toward $1,920 in the American trading hours on Friday. The benchmark 10-year US Treasury bond yield recovered toward 4.25% after spending the first half of the day in negative territory, causing XAU/USD to stretch lower.

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Looking ahead, expect China to continue adding gold as it wants to strengthen the international reputation of the yuan to compete with the USD as the world reserve currency.