How has the price of gold changed today?

Dear friends, currently the price is still in a downward trend, with prices sometimes dropping to $2020 after the market correction. However, gold has quickly rebounded slightly and is trading around $2028 at the moment.

Meanwhile, financial investors are focusing their capital on stocks. As a result, there is very little money flowing into precious metals. It is understandable that the decline in gold prices today has not stopped.

Market participants are betting that the Federal Reserve (Fed) may start cutting interest rates after March. Indeed, reducing inflationary pressures will confirm that idea, despite the latest data showing a tightening labor market. The CPI index may affect sentiment, and as a result, the US dollar will trade accordingly.

From a technical analysis perspective, the Relative Strength Index (RSI) is gaining strength and rising above 50.00, supporting another segment towards the psychological resistance level of $2050.

However, this downward trend has not yet stopped, so any breakthrough below the support level of $2016 will push prices down significantly.

Support levels: $2016.60, $1998.65, $1987.20

Resistance levels: $2040.30, $2052.30, $2065.45

Trade active

Comment: