Gold price plunges to the lowest level in more than 5 months

The world gold price stood at 1,892 USD/ounce, down 10 USD/ounce compared to the same hour last morning. Last night, gold prices penetrated the key support level of $1,900. Precious metals are fluctuating at the lowest prices in more than 5 months.

Gold prices fell sharply after the minutes of the central bank's July monetary policy meeting were released. The minutes showed that the Fed still maintained a "hawkish" stance on monetary policy and left open other options for raising interest rates due to high inflationary pressures. The Fed's aggressive monetary policy tightening is the biggest obstacle for gold, and the precious metal continues to struggle in this environment.

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If there is no strong bounce above $1,905 this week, confidence that a downtrend in gold has been established will increase. In this case, the $1,800 - $1,810 range is a potential technical target. This has been a difficult range for gold to cross over the past 3 years.

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