The current price of gold is continuing its downward trend, with a trading value of $1,822 per ounce. This marks a decrease of $25 per ounce compared to earlier this morning.
In the past 10 months, the price of gold has reached its lowest level due to two factors: the US dollar reaching its highest point in 10 months and an increase in US Treasury bond yields, which are currently at their highest levels in 16 years.
While there is a possibility that gold prices may drop further to $1,800 per ounce, it's important to consider that during times of economic weakness, gold can present itself as a long-term buying opportunity. Additionally, if core inflation decreases and stabilizes interest rates in the US while also leading to a decline in the value of the dollar, this will likely provide support for precious metals.
In the past 10 months, the price of gold has reached its lowest level due to two factors: the US dollar reaching its highest point in 10 months and an increase in US Treasury bond yields, which are currently at their highest levels in 16 years.
While there is a possibility that gold prices may drop further to $1,800 per ounce, it's important to consider that during times of economic weakness, gold can present itself as a long-term buying opportunity. Additionally, if core inflation decreases and stabilizes interest rates in the US while also leading to a decline in the value of the dollar, this will likely provide support for precious metals.
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The new candle shows an increase
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