Gold price today: Create a new peak in 2005 USD
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Recently, gold has been facing difficulties in maintaining the peak of $2000. The upward momentum of gold has been hindered by various factors, including the loose monetary policies implemented by many countries around the world.
On the 1D chart, although the bullish trend is still supported and the parallel price channel has been broken, there are signs of a potential top forming at 2005. The current support level is around $1975. If this level is surpassed, it could cause gold to decline further, potentially reaching $1945, which coincides with a test of the gold's EMA.
Recently, gold has been facing difficulties in maintaining the peak of $2000. The upward momentum of gold has been hindered by various factors, including the loose monetary policies implemented by many countries around the world.
On the 1D chart, although the bullish trend is still supported and the parallel price channel has been broken, there are signs of a potential top forming at 2005. The current support level is around $1975. If this level is surpassed, it could cause gold to decline further, potentially reaching $1945, which coincides with a test of the gold's EMA.
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Fed Chair Jerome Powell noted that some slowing in the labor market will likely need to happen in order for inflation to continue its downward trajectory.
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