What changes are happening to the price of gold today? Let's find out with Karina!
Yesterday, gold surprised us by making a strong increase of nearly $55 and is currently trading at $2036, completely ending the previous downward trend.
So what caused this significant rise in gold?
According to yesterday's news, when the Fed decided to maintain interest rates between 5.25% - 5.5% and emphasized that economic growth is slowing down while inflation shows signs of cooling off, this led to a sharp decrease in yields and the US dollar, creating favorable conditions for the development of the gold price.
From the analysis chart:
Gold is trading around the resistance level of $1935. If it successfully breaks above this resistance level, the current upward trend of gold will continue as a sustainable price increase, with a possibility of reaching the peak of $2088 once again.
What are your thoughts on the future trend of gold?
Yesterday, gold surprised us by making a strong increase of nearly $55 and is currently trading at $2036, completely ending the previous downward trend.
So what caused this significant rise in gold?
According to yesterday's news, when the Fed decided to maintain interest rates between 5.25% - 5.5% and emphasized that economic growth is slowing down while inflation shows signs of cooling off, this led to a sharp decrease in yields and the US dollar, creating favorable conditions for the development of the gold price.
From the analysis chart:
Gold is trading around the resistance level of $1935. If it successfully breaks above this resistance level, the current upward trend of gold will continue as a sustainable price increase, with a possibility of reaching the peak of $2088 once again.
What are your thoughts on the future trend of gold?
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