Gold extends declines into $1,950
Today, the price of gold continues to move away from the $2000 zone, which has been the case since the beginning of the week. Currently, the precious metal is trading around $1951. Here are some important pieces of information:
Regarding news that caused the decline in gold prices: The USD remains strong, and the US benchmark interest rate is at its highest level in 22 years, ranging from 5.25% to 5.5%. This puts significant pressure on gold and causes it to plummet continuously.
Regarding technical analysis: Gold has dropped below the support level of $1950 and has shown slight signs of recovery from this level at the start of today's trading session. However, the main trend is still unclear . The precious metal needs to maintain its current support level in order to potentially return to $1975. On the other hand, breaking the current support level could lead to a further decrease towards the next support level at $1933.
Regarding news that caused the decline in gold prices: The USD remains strong, and the US benchmark interest rate is at its highest level in 22 years, ranging from 5.25% to 5.5%. This puts significant pressure on gold and causes it to plummet continuously.
Regarding technical analysis: Gold has dropped below the support level of $1950 and has shown slight signs of recovery from this level at the start of today's trading session. However, the main trend is still unclear . The precious metal needs to maintain its current support level in order to potentially return to $1975. On the other hand, breaking the current support level could lead to a further decrease towards the next support level at $1933.
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