GOLD
Gold is trading below the $4,050 resistance zone; and as long as prices remain beneath this level, a decline toward the $3,900 support zone is likely. This scenario becomes invalid if the mentioned resistance zone is broken to the upside during today’s trading.
|
Support |
3800 | 3900 |
| Resistance | 4050 |
4230 |
Gold posted a notable decline after giving up part of its previous gains, with the spot price retreating toward the $4,010 per ounce level under pressure from a stronger U.S. dollar and fading investor bets on an imminent Federal Reserve rate cut. The dollar’s rise made gold less attractive, while solid U.S. economic data reinforced expectations that the Fed will maintain its tight monetary policy, extending the metal’s downward correction.
Despite the pullback, gold remains within a relatively stable range as markets closely monitor any new signals from the Federal Reserve in the coming days.
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