Selena hello dear friends!
In today's trading session, the price of gold unexpectedly turned downward, dropping from yesterday's high of $1945 to around $1919-1920 per ounce.
It can be observed that gold is not receiving much support as the US dollar remains relatively stable, with no surprising moves from the Fed compared to market expectations.
In the short term, the US dollar is expected to continue rising or maintain its high value, as the Fed is projected to raise interest rates once again to curb inflation, which is still relatively high compared to the target of 2%. This somewhat puts pressure on the price of gold, causing the precious metal to face ongoing difficulties in the near future.
In today's trading session, the price of gold unexpectedly turned downward, dropping from yesterday's high of $1945 to around $1919-1920 per ounce.
It can be observed that gold is not receiving much support as the US dollar remains relatively stable, with no surprising moves from the Fed compared to market expectations.
In the short term, the US dollar is expected to continue rising or maintain its high value, as the Fed is projected to raise interest rates once again to curb inflation, which is still relatively high compared to the target of 2%. This somewhat puts pressure on the price of gold, causing the precious metal to face ongoing difficulties in the near future.
Note
gold is upNote
The current increase has reached 1922 USDNote
Currently, gold is forming an upward trendline, and the price may retreat within a narrow range of $1917-$1921 per ounce and continue to rise towards $1935 and $1945 in the foreseeable future.
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.