Gold prices are maintaining a defensive stance, hovering near recent lows and facing pressure at key technical levels.
The price of gold has been consistently trading around the significant resistance zone of $1900 but has been unable to surpass it. The overall trend during this period remains downward, indicating a correction phase. Therefore, strategies focused on selling are still favored.
However, it is advisable to only engage in short-term scalping as there is a higher likelihood that gold will experience an upward movement since it has spent an extended period below the $1900 mark.
The price of gold has been consistently trading around the significant resistance zone of $1900 but has been unable to surpass it. The overall trend during this period remains downward, indicating a correction phase. Therefore, strategies focused on selling are still favored.
However, it is advisable to only engage in short-term scalping as there is a higher likelihood that gold will experience an upward movement since it has spent an extended period below the $1900 mark.
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The US economy is still quite strong and this is the basis for the central bank of this country to raise interest rates to pull inflation (at about 4-5% as at present) to the 2% target.
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The strong economic rebound has resulted in a rise in the value of the dollar while causing gold prices to drop consistently over recent sessions.
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Given these ongoing developments within the gold market that show little signs of improvement, investors are opting to sell their holdings in order to recover their capital.
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The world's largest gold exchange-traded fund SPDR Gold Trust has just announced that its gold holdings fell 0.4% to the lowest level since January 2020 on Monday (August 14).
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Yesterday evening, the US announced the monetary policy meeting in July 2023. The Federal Reserve (FED) remains focused on controlling inflation. Some members of this group believe that interest rates need to increase further to achieve the 2% inflation target.
