Hello everyone, here is some information about gold that I want to share.
The price of gold is experiencing a slight decrease today, currently trading below $1890. Last week, gold saw its third consecutive week of significant declines. This can be attributed to the forecast that the US Federal Reserve (Fed) will maintain high interest rates for an extended period, putting pressure on this precious metal.
The global gold market continues to face challenges due to the rise in US Treasury bond yields and the strengthening USD index. Additionally, there is speculation that the Fed may further increase interest rates in September. These factors create a difficult environment for gold and suggest that prices are unlikely to see an immediate rise.
The price of gold is experiencing a slight decrease today, currently trading below $1890. Last week, gold saw its third consecutive week of significant declines. This can be attributed to the forecast that the US Federal Reserve (Fed) will maintain high interest rates for an extended period, putting pressure on this precious metal.
The global gold market continues to face challenges due to the rise in US Treasury bond yields and the strengthening USD index. Additionally, there is speculation that the Fed may further increase interest rates in September. These factors create a difficult environment for gold and suggest that prices are unlikely to see an immediate rise.
Comment:
Technical traders are unlikely to offer much support until the downtrend is broken and until then, spot gold could be at risk of extending towards $1,865.
Comment:
"Gold's sharp decline began a month ago when the metal was prevented from consolidating above $80 an ounce, a key resistance level since May 2023."
