Brian greets you all!
The price of gold continues to decline today, currently trading at a low price of $1900 due to selling pressure caused by the strengthening of the US dollar (USD) ahead of highly anticipated inflation data on Friday.
Looking at the 4-hour chart, Gold has dropped without finding support at $1905. It wouldn't be surprising if gold continues to test lower levels with prospects from the Fibonacci retracement. $1890 is a perfect number with strong support, indicating the potential for a price rebound from this level.
The price of gold continues to decline today, currently trading at a low price of $1900 due to selling pressure caused by the strengthening of the US dollar (USD) ahead of highly anticipated inflation data on Friday.
Looking at the 4-hour chart, Gold has dropped without finding support at $1905. It wouldn't be surprising if gold continues to test lower levels with prospects from the Fibonacci retracement. $1890 is a perfect number with strong support, indicating the potential for a price rebound from this level.
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good luck
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The USD soared in value as investors were frightened by the commitment of major central banks to maintain high interest rates and control inflation.
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According to CME Group's Fedwatch tool, traders see a nearly 82% chance that interest rates will stabilize at 5.25 - 5.50% at the November monetary policy meeting.
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Gold fell as indicated, reaching a low at 1891 USD
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Gold remains under pressure below $1,900 amid stronger USD
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Minneapolis Fed President Neel Kashkari raised the possibility of needing to raise interest rates "in a meaningful way" to deal with inflation.
