Gold Price reduced at the end of the trading session!
Hello everyone, today the price of gold continues to trade around the psychological level of 2300 USD.
Accordingly, gold was not beyond my prediction when it approached 2300 USD to receive new resources around this support area. After the Fed's above announcement, gold lost its inherent momentum, causing the number of investors buying to decrease significantly.
Not only that, the gold market also witnessed strong selling momentum after the US Bureau of Labor Statistics announced that the consumer price index (CPI) in May remained high, the main reason why the Fed extended the Delay interest rate cuts.
Gold price forecast:
-In terms of market psychology as well as news: negative reaction to monetary policy and pressure from the rising USD, weaker buying demand from China makes it difficult for gold to increase in price during this time.
- Technically: Gold is in a downtrend, the price moves below the resistance level and the Trendline line decreases. The price is affected by the EMA 34, 89 which is still beneficial for selling momentum. The reduction target to the support level of 2288 USD is again targeted in the short term.
Accordingly, gold was not beyond my prediction when it approached 2300 USD to receive new resources around this support area. After the Fed's above announcement, gold lost its inherent momentum, causing the number of investors buying to decrease significantly.
Not only that, the gold market also witnessed strong selling momentum after the US Bureau of Labor Statistics announced that the consumer price index (CPI) in May remained high, the main reason why the Fed extended the Delay interest rate cuts.
Gold price forecast:
-In terms of market psychology as well as news: negative reaction to monetary policy and pressure from the rising USD, weaker buying demand from China makes it difficult for gold to increase in price during this time.
- Technically: Gold is in a downtrend, the price moves below the resistance level and the Trendline line decreases. The price is affected by the EMA 34, 89 which is still beneficial for selling momentum. The reduction target to the support level of 2288 USD is again targeted in the short term.
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