Gold Losing Momentum: Is the Gold Rush Cooling Down?
Hello everyone! A new week has begun. Today, let's join Alisa to forecast the gold price!
The gold market today has recorded a slight decline after the U.S. September jobs report exceeded expectations. Specifically, the spot gold price dropped by 0.4% to $2,642.78 per ounce. The unexpected improvement in the U.S. labor market has reduced expectations that the Federal Reserve (Fed) will soon ease monetary policy, putting pressure on gold prices. This is considered one of the main factors influencing gold price movements in today’s trading session.
Technical analysis shows that the 34.89 EMA has shifted to a downward trend. With the nearest support at 2,640, gold is currently attempting to recover and retest the resistance level at 2,647. However, if selling pressure continues to increase and gold closes below the support level of $2,640 per ounce, the downtrend is likely to be reinforced, opening up the possibility for deeper declines toward the next support zones.
And you, what do you think about today’s gold price? Will gold rise or fall?
The gold market today has recorded a slight decline after the U.S. September jobs report exceeded expectations. Specifically, the spot gold price dropped by 0.4% to $2,642.78 per ounce. The unexpected improvement in the U.S. labor market has reduced expectations that the Federal Reserve (Fed) will soon ease monetary policy, putting pressure on gold prices. This is considered one of the main factors influencing gold price movements in today’s trading session.
Technical analysis shows that the 34.89 EMA has shifted to a downward trend. With the nearest support at 2,640, gold is currently attempting to recover and retest the resistance level at 2,647. However, if selling pressure continues to increase and gold closes below the support level of $2,640 per ounce, the downtrend is likely to be reinforced, opening up the possibility for deeper declines toward the next support zones.
And you, what do you think about today’s gold price? Will gold rise or fall?
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