Sharp Decline Amidst Easing Political Tensions

Hello dear friends, what do you anticipate the price of Gold will be today?

Yesterday, we witnessed a fluctuation in the gold market, as the price dropped below 2,400 USD near the threshold of 2,310 USD. In the Asian trading session on Tuesday, Gold continued its downward trend below the 2,300 USD mark. This decline is attributed to the easing of tensions in the political situation between Israel and Iran. Additionally, the Federal Reserve's decision to delay interest rate cuts has further pressured gold prices.

Technically, we see that the Gold price is being supported in its downward trend by various technical indicators. This is evident as the price is trading below the Simple Moving Average (SMA) and the Relative Strength Index (RSI) is trading near the oversold zone, indicating that the price is in a strong downward phase. The price's target is to find support near the 2,270 USD level before moving towards the next support zones.

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