Gold prices continue to be under downward pressure
The world gold price stood at $1,919, down $6 from the same hour last morning. Precious metals are experiencing a brief technical sell-off amid a lack of supportive information. In addition, the USD and bond yields continued to increase, putting pressure on gold. In the short term, gold continues to be under downward pressure.
Even so, gold has strong support at the 200-day moving average, around $1,920. At the end of the year or early next year, the selling pressure on precious metals will decrease. The USD is expected to weaken following signals of the Fed's gradual loosening of monetary policy. Besides, the gold consumption season at the end of the year can also support this commodity more actively.
Even so, gold has strong support at the 200-day moving average, around $1,920. At the end of the year or early next year, the selling pressure on precious metals will decrease. The USD is expected to weaken following signals of the Fed's gradual loosening of monetary policy. Besides, the gold consumption season at the end of the year can also support this commodity more actively.
Comment:
- The current unrealized losses in the US banking system are $1.8 trillion out of just $2.2 trillion in capital.
Comment:
🕯 SELL GOLD | 1930 - 1927
🔴 SL: 1935
🟢 TP1: 1922
🟢 TP2: 1917
🔴 SL: 1935
🟢 TP1: 1922
🟢 TP2: 1917
Trade active:
Running + 25pips ✔️✔️✔️
Trade closed: target reached:
Close Full Hit TP1 + 70pips 😮
Comment:
After the European Central Bank's Monetary Policy Committee meeting on Thursday, most members of the committee, led by Governor Christine Lagarde, agreed to raise the key interest rate by 25 basis points to 4.50%.
