Gold: continues to weaken
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Hello dear friends!
Gold prices continued to decline today, with a drop of $25, bringing it down to $2,001 per ounce. However, the market quickly rebounded to $2,010 at the time of writing.
As a result, gold prices have reached their lowest point in over a month during this week's trading session. Strong economic data has reinforced the strength of the US dollar and bond yields, dampening market expectations of a rate cut by the US in March.
Closing below $2,015 per ounce indicates that the sideways range has been broken, and this precious metal is entering a bearish territory. It is expected to reach $2,000 once again and could potentially drop even further to $1,990.
Gold prices continued to decline today, with a drop of $25, bringing it down to $2,001 per ounce. However, the market quickly rebounded to $2,010 at the time of writing.
As a result, gold prices have reached their lowest point in over a month during this week's trading session. Strong economic data has reinforced the strength of the US dollar and bond yields, dampening market expectations of a rate cut by the US in March.
Closing below $2,015 per ounce indicates that the sideways range has been broken, and this precious metal is entering a bearish territory. It is expected to reach $2,000 once again and could potentially drop even further to $1,990.
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