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Yesterday, we witnessed a continued decline in gold prices from $1875 to $1866, a decrease of $9 compared to the previous trading session. This is due to the recent trend of tightening by the Federal Reserve (Fed). Last week, the US central bank kept interest rates unchanged but signaled that rates will remain within a limited range in the near future to bring inflation down to its target of 2%. Therefore, this is the main factor affecting this precious metal.
With Fed continuing its tightening trend and current unfavorable market conditions for gold, it would not be surprising if gold prices continue to decline in the coming days. Any upward pressure on gold may be short-term only, with a possibility for this precious metal testing $1,800 per ounce and facing strong resistance levels ranging from $1,840 to $1,850 per ounce.
Yesterday, we witnessed a continued decline in gold prices from $1875 to $1866, a decrease of $9 compared to the previous trading session. This is due to the recent trend of tightening by the Federal Reserve (Fed). Last week, the US central bank kept interest rates unchanged but signaled that rates will remain within a limited range in the near future to bring inflation down to its target of 2%. Therefore, this is the main factor affecting this precious metal.
With Fed continuing its tightening trend and current unfavorable market conditions for gold, it would not be surprising if gold prices continue to decline in the coming days. Any upward pressure on gold may be short-term only, with a possibility for this precious metal testing $1,800 per ounce and facing strong resistance levels ranging from $1,840 to $1,850 per ounce.
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