Gold price plummeted before the recovery from USD
Updated
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Currently, the gold market has ended its upward trend since it reached a peak of $1900 per ounce and continues to trade at low prices amidst challenging market conditions. Factors such as the recovery of the US dollar and the anticipation of interest rate hikes by the Federal Reserve have caused a decline in the precious metal.
From a technical standpoint, gold is still trading below the 34 and 89 EMA lines, indicating that there is still downward pressure. The price level of $1888 could be retested before any further developments in the gold market occur.
Currently, the gold market has ended its upward trend since it reached a peak of $1900 per ounce and continues to trade at low prices amidst challenging market conditions. Factors such as the recovery of the US dollar and the anticipation of interest rate hikes by the Federal Reserve have caused a decline in the precious metal.
From a technical standpoint, gold is still trading below the 34 and 89 EMA lines, indicating that there is still downward pressure. The price level of $1888 could be retested before any further developments in the gold market occur.
Comment
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.Comment
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