XAUUSD - suddenly dropped sharply last night

#XAUUSD Analysis – January 3, 2024
Recommended purchase: 2060-2062 (STOP: 2054)
Recommended while waiting for sale: 2077-2080 (STOP: 2090)
Short term goal: 2074
As expected yesterday, gold prices rebounded around the 2062-2065 range and reached the expected 2079 range, but shortly after that, gold fell again from the entrance of the 2060 price range. .
Traders can prioritize short selling to sustain this price range. Although the stop point is very short, it is very likely that gold will return to the 207x area and a long-term bearish pattern will begin.
(Please provide effective trading strategies to all traders)
Global gold prices fell slightly, with spot gold falling $5.3 to $2,058.7 per ounce. Gold futures were trading at $2,067.6 per ounce, down $4.2 from the previous day.
The global gold market begins as a relatively difficult year as he comes under pressure from a strong recovery in the US dollar in 2024. However, the decline in precious metals was limited due to expectations that monetary easing by the US Federal Reserve (Fed) was imminent and concerns about the escalation of the situation in the Red Sea.
The U.S. dollar index rose 0.8%, its highest single-day value since July, making bullion traded in the currency more expensive for foreign buyers. In 2023, gold prices rose 13%, marking the first annual increase since 2020, but are expected to reach record highs in 2024 as falling interest rates reduce the opportunity cost of holding gold bullion interest-free. expected to reach.
Experts say gold is favored because markets started the new year with the belief that the Fed will cut rates sooner. According to the CME FedWatch tool, the market is currently pricing in an 86% chance that the Fed will cut rates in March.