Gold hits three-week low

GOLD

Gold is moving in an upward trend in the medium term, with prices trading above the $2645 support zone. Prices are likely to move sideways between the mentioned support zone and the $2680 resistance zone in today’s trading.

Gold has recently experienced significant fluctuations, driven by a combination of economic and geopolitical factors. The price of gold has gradually risen amid increasing global tensions and inflation concerns, as investors turn to gold as a safe haven in times of uncertainty. However, gold has been affected by the strengthening U.S. dollar and rising interest rates from major central banks, such as the Federal Reserve, which has limited its gains and exerted pressure on prices.

Technically, an analysis of the gold chart over the past period shows a pattern of fluctuations around key support and resistance levels. Despite recording some gains, gold is struggling to break through resistance levels, suggesting that volatility may persist in the absence of strong catalysts driving prices in a clear upward direction.

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