Hello everyone, gold price is currently trading around $1910, down about $10 compared to the previous trading session.
Although inflation is expected to decline over a period of time, it may not decline quickly. This will force the Fed to maintain interest rates for a longer period of time. Prolonged high inflation is the main reason why gold is under pressure.
Looking at the technical picture of gold today on the 4-hour chart, we can see that the pair has returned to the expected short-term bearish support line.
_As you can see that the trend line is still intact according to the rules, we should still stick to it and aim lower. If that happens it is likely to reach 1888. More sellers could be invited to join the market.
And you, how do you feel about the market today?
Although inflation is expected to decline over a period of time, it may not decline quickly. This will force the Fed to maintain interest rates for a longer period of time. Prolonged high inflation is the main reason why gold is under pressure.
Looking at the technical picture of gold today on the 4-hour chart, we can see that the pair has returned to the expected short-term bearish support line.
_As you can see that the trend line is still intact according to the rules, we should still stick to it and aim lower. If that happens it is likely to reach 1888. More sellers could be invited to join the market.
And you, how do you feel about the market today?
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According to the information I just learned: Currently, according to a Reuters poll, US inflation increased by 0.6% in August, compared to a 0.2% increase in the previous month, which is the reason why gold is still falling in price. . . .
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On the 4-hour timeframe, we can see that Gold is in a downtrend zone, so we can argue that Gold will have a short-term decline in the near term before exiting this downtrend. . The strong resistance level at $1,920 is holding and gold prices could drop to $1,900.
Gold sellers need to break this to start a new downtrend towards static support at $1,885.
Gold sellers need to break this to start a new downtrend towards static support at $1,885.
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Gold price is heading towards new highs after breaking the trend level
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