Hello everyone, it's great to see you all again for today's discussion on the price of gold.
Currently, gold is trading at $2040, experiencing a decrease of over $25 in just one day, indicating a significant decline at this time.
On the analysis chart: Gold has broken the support level of $2059 and started a downward trend. Consequently, the US dollar is stronger and the higher interest rates on US Treasury bonds are putting pressure on the yellow metal.
Regarding the outlook: Gold is currently experiencing a slight recovery as it approaches the support level around $2030. However, with the market still under bearish control, any breaking action could quickly push gold down to the defensive level of $2020.
Currently, gold is trading at $2040, experiencing a decrease of over $25 in just one day, indicating a significant decline at this time.
On the analysis chart: Gold has broken the support level of $2059 and started a downward trend. Consequently, the US dollar is stronger and the higher interest rates on US Treasury bonds are putting pressure on the yellow metal.
Regarding the outlook: Gold is currently experiencing a slight recovery as it approaches the support level around $2030. However, with the market still under bearish control, any breaking action could quickly push gold down to the defensive level of $2020.
