Gold's decline cannot be reversed
Updated
Today, Gold continues to experience a slight decline and is currently trading around the range of 1954 USD - 1956 USD after reaching its lowest level in three weeks.
From the 1-hour chart, we can see that Gold has shifted towards a downward trend. The strong US Dollar index and rising interest rates in the US Treasury bonds are negative factors for Gold.
The stable situation in the Middle East has not had a significant impact on the Gold market. Meanwhile, in China, the country's economy is facing consumer inflation and a decline in production, leading to a continued decrease in Gold prices.
Due to these reasons, gold sellers will continue to sell with an expected decrease to 1945 USD after a short-term price correction. This will persist until there are positive developments that drive this currency pair to rise again.
From the 1-hour chart, we can see that Gold has shifted towards a downward trend. The strong US Dollar index and rising interest rates in the US Treasury bonds are negative factors for Gold.
The stable situation in the Middle East has not had a significant impact on the Gold market. Meanwhile, in China, the country's economy is facing consumer inflation and a decline in production, leading to a continued decrease in Gold prices.
Due to these reasons, gold sellers will continue to sell with an expected decrease to 1945 USD after a short-term price correction. This will persist until there are positive developments that drive this currency pair to rise again.
Trade closed: target reached
Note
Related publications
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.