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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.
Note
good luckNote
The USD soared in value as investors were frightened by the commitment of major central banks to maintain high interest rates and control inflation.Note
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.Note
Gold fell as indicated, reaching a low at 1891 USDNote
Gold remains under pressure below $1,900 amid stronger USDNote
Note
Minneapolis Fed President Neel Kashkari raised the possibility of needing to raise interest rates "in a meaningful way" to deal with inflation.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.