Direction of movement of gold
This morning, world gold prices dropped sharply with spot gold down 24.1 USD to 1,876.2 USD/ounce. Gold futures last traded at 1,890.9 USD/ounce, down 28.9 USD compared to yesterday morning.
World gold slipped from the important psychological support level below 1,900 USD/ounce in early morning trading this morning as the hawkish stance of the US Federal Reserve (Fed) continued to promote the increase in bond yields. bonds and the USD and crush the bullish trend of the metal market. According to some analysts, the decline in gold prices could push prices to a 2023 low of 1,810 USD/ounce on the spot market. A sell-off was triggered after the Fed signaled it would maintain a restrictive monetary policy for the foreseeable future even as the tightening cycle ends. The US Central Bank's aggressive stance pushed bond yields to a new 16-year high and the dollar to its highest since November, pushing gold off its August low of $1,885. ounce. James Stanley, senior market strategist at Forex.com, forecasts initial resistance around $1,850 an ounce. Even so, some analysts maintain a long-term bullish outlook for the precious metal. Ole Hansen, commodity strategist at Saxo Bank, said rising energy prices coupled with slower economic growth are creating an environment of stagflation, which he expects will eventually push up prices. go to high place. Gold is back above 2,000 USD/ounce
GOLD BUY 1874 - 1876
TP1: 1880
TP2: 1885
SL: 1870
World gold slipped from the important psychological support level below 1,900 USD/ounce in early morning trading this morning as the hawkish stance of the US Federal Reserve (Fed) continued to promote the increase in bond yields. bonds and the USD and crush the bullish trend of the metal market. According to some analysts, the decline in gold prices could push prices to a 2023 low of 1,810 USD/ounce on the spot market. A sell-off was triggered after the Fed signaled it would maintain a restrictive monetary policy for the foreseeable future even as the tightening cycle ends. The US Central Bank's aggressive stance pushed bond yields to a new 16-year high and the dollar to its highest since November, pushing gold off its August low of $1,885. ounce. James Stanley, senior market strategist at Forex.com, forecasts initial resistance around $1,850 an ounce. Even so, some analysts maintain a long-term bullish outlook for the precious metal. Ole Hansen, commodity strategist at Saxo Bank, said rising energy prices coupled with slower economic growth are creating an environment of stagflation, which he expects will eventually push up prices. go to high place. Gold is back above 2,000 USD/ounce
GOLD BUY 1874 - 1876 TP1: 1880
TP2: 1885
SL: 1870
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