Gold Faces Sharp Downward Pressure as USD, Stocks Sink Capital
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Looking at the recent gold price chart, I noticed that the downward trend of gold is becoming clearer. Currently, gold is trading around 2,622 USD/ounce, marking a significant decline, especially when the USD Index rose to 105.5 points. With the strength of the USD reaching its highest level in more than 4 months, gold prices have been under great pressure from the greenback.
Another important factor is the impact from the energy and stock markets. Crude oil prices fell to 68 USD/barrel, combined with the recovery of US stocks, creating momentum for capital flows into assets with more attractive returns, reducing the attractiveness of gold.
In addition, demand from China also contributed to increasing pressure on gold prices. The Chinese central bank has suspended gold purchases for six consecutive months, reducing demand. As a result, investors quickly took profits and sold gold, contributing to this sharp decline.
In the short term, I believe the next support level for gold could be around $2,600/ounce. However, given current macroeconomic factors and pressure from other markets, gold is likely to continue to struggle to maintain its growth momentum.
Another important factor is the impact from the energy and stock markets. Crude oil prices fell to 68 USD/barrel, combined with the recovery of US stocks, creating momentum for capital flows into assets with more attractive returns, reducing the attractiveness of gold.
In addition, demand from China also contributed to increasing pressure on gold prices. The Chinese central bank has suspended gold purchases for six consecutive months, reducing demand. As a result, investors quickly took profits and sold gold, contributing to this sharp decline.
In the short term, I believe the next support level for gold could be around $2,600/ounce. However, given current macroeconomic factors and pressure from other markets, gold is likely to continue to struggle to maintain its growth momentum.
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Gold dropped to 2600 just as I predictedNota
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