Gold is losing ground as traders lock in the time aggressively. The US Dollar tested a multi-month high today. Normally, a strong dollar would lower gold prices, but the current situation is unique as gold prices are driven by central bank demand and rising geopolitical tensions.
In case gold falls back below $2,350, it will head towards the nearest support, which is in the $2,295 – $2,305 range.
But with the current unstable war situation, combined with the fact that the FED is seriously considering cutting interest rates in the coming period, gold will consolidate its current position and it will be difficult for it to fall deeply.
In case gold falls back below $2,350, it will head towards the nearest support, which is in the $2,295 – $2,305 range.
But with the current unstable war situation, combined with the fact that the FED is seriously considering cutting interest rates in the coming period, gold will consolidate its current position and it will be difficult for it to fall deeply.
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