Gold increased slightly today but is still under pressure
Hello everyone, it's nice to meet you again to share about the gold market today.
Currently, gold prices increased slightly with spot gold increasing by 8.1 USD/ounce to 1,933.4 USD/ounce.
From a technical perspective: on the H4 timeframe of Gold we can see that it is in a downtrend. So we need to stick to the trend and aim lower. If that happens, gold will likely reach $1,909 as the US economy continues to grow and inflationary pressures ease.
Currently, gold prices increased slightly with spot gold increasing by 8.1 USD/ounce to 1,933.4 USD/ounce.
From a technical perspective: on the H4 timeframe of Gold we can see that it is in a downtrend. So we need to stick to the trend and aim lower. If that happens, gold will likely reach $1,909 as the US economy continues to grow and inflationary pressures ease.
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Gold prices increased short-term this week but were affected by information about the FED's upcoming interest rate increase. But recent results show that the world's No. 1 economy is gradually recovering quickly in the second half of 2023. Therefore, it may be the reason why Gold will decline in the near future, with the possibility of gold returning below 1900. .
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good luck traders.
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In Darius's opinion, there is a high possibility that Gold can still increase in the short term because the Fed has not yet applied to increase interest rates. In that case Gold could return to $1,950 per ounce.
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How are you trading?
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The DXY index (which measures the greenback's fluctuations against 6 major world currencies) traded at 105.5 points.
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Dear friends,