Specifically, the spot gold price was trading at 1,932.2 USD/ounce, up 7.1 USD. Gold for August futures was last traded at $1,937.2 per ounce, up $6.2 from dawn the previous day.
Meanwhile, according to Michael Boutros, senior technical strategist at Forex.com (online forex broker), gold can only break its downtrend when it rises above $1943/oz.
Conversely, if the gold price sustains below $1,943 per ounce, it is likely to plummet to $1,891 per ounce, or even plummet to $1,830 per ounce.
Meanwhile, according to Michael Boutros, senior technical strategist at Forex.com (online forex broker), gold can only break its downtrend when it rises above $1943/oz.
Conversely, if the gold price sustains below $1,943 per ounce, it is likely to plummet to $1,891 per ounce, or even plummet to $1,830 per ounce.
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In the medium and long term, gold is supported by the Fed's nearing end to its easing cycle.
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This was the third consecutive day of gains for spot gold, up 0.4% to $1,931.83 an ounce at 02:11 pm. EDT.
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Recently, Invesco's annual global sovereign wealth management report shows that more and more countries are hoarding gold. According to the Invesco survey, a significant percentage of central banks are concerned about the precedent set by the US freezing Russia's reserves, with a majority (58%) agreeing that the event has made gold attractive. than. Central banks are concerned about the precedent that has been set with Russia.
