Gold continues to decline, long-term analysis
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Dear friends, the price of gold at the beginning of the week is playing the role of a downward trend. Currently, it is trading at $1935, down $3 from the start of the trading session this morning. The Chairman of the Fed continues to support the strength of the USD and high bond yields. These are significant obstacles for gold. Due to the tightening bias of the Fed, there is not much incentive to buy gold at this time.
For these reasons, gold sellers will continue to sell aggressively, so there is a high possibility that gold will reach the limit of its price channel and then exhibit a slight price rebound with a breakthrough decrease at around $1915. The downward trend will be dominant this week. What are your thoughts on this issue? Do you agree with me?
For these reasons, gold sellers will continue to sell aggressively, so there is a high possibility that gold will reach the limit of its price channel and then exhibit a slight price rebound with a breakthrough decrease at around $1915. The downward trend will be dominant this week. What are your thoughts on this issue? Do you agree with me?
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Support level: 1,945.20 1,933.20 1,923.10Resistance: 1,965.30 1,978.30 1,989.00
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