Gold's rally is too strong

٢٢ مايو ٢٠٢٣

Although the price of precious metals had been declining, it ended the week with a strong gain, raising investor hopes. Some US Federal Reserve officials opposed the idea of a June pause in raising interest rates, and the market is beginning to reverse its year-end rate cut bets. The first resistance is at $1,979 and then at $1,987, while solid support for gold lies around $1,936.

The outlook for gold depends on US interest rates and the dollar, and consolidation may occur this week after major corrections.