Gold's Slide: A Deep Dive into Today’s Sharp DeclineGold prices took a steep hit today, plunging below the critical $2,700/ounce mark and trading around $2,655, shedding over 800 pips from yesterday’s levels.
This sharp decline is largely driven by the strength of the U.S. dollar and the Federal Reserve's high interest rates, which have dampened gold's appeal for investors. The rising rates increase the opportunity cost of holding gold, nudging capital flows toward higher-yield assets.
Forecast Should the downward trend persist, gold may test lower support levels near $2,607, following a Fibonacci retracement. Investors are advised to consider short positions while closely monitoring market fluctuations in the near term.
