Gold prices plummeted and fell sharply
Updated
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As predicted, yesterday we witnessed a very unique performance of gold with a significant decline. Gold truly dropped to the level of 1900 USD/ounce, facing selling pressure due to the increase in the value of the US Dollar (USD) before highly anticipated inflation data on Friday.
However, this is also considered an important support level as in the past it has been a milestone marking the development of gold prices pushing towards higher levels.
In terms of prospects, in my personal opinion, gold will continue to decline to 1890 USD before new decisions from the Fed shed light on the new direction for gold. The expectation is that there will be an upward movement for gold.
As predicted, yesterday we witnessed a very unique performance of gold with a significant decline. Gold truly dropped to the level of 1900 USD/ounce, facing selling pressure due to the increase in the value of the US Dollar (USD) before highly anticipated inflation data on Friday.
However, this is also considered an important support level as in the past it has been a milestone marking the development of gold prices pushing towards higher levels.
In terms of prospects, in my personal opinion, gold will continue to decline to 1890 USD before new decisions from the Fed shed light on the new direction for gold. The expectation is that there will be an upward movement for gold.
Note
good luck everyone <3Note
The DXY index (which measures the fluctuation of the USD against 6 major currencies) is near 106 points.Note
Gold fell sharply in the context of US Treasury bond yields reaching a 16-year high and profit-taking activities leading to a sell-off of precious metals.Note
Gold is gradually approaching a decline as the fibonacci indicator reaches 1891 USDNote
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