XAUUSD: Unexpected test of $2000 support again
Hello everyone, gold has experienced a sharp decline since yesterday evening and has entered a consolidation phase with seemingly no change in price for over half a day. The precious metal is trading around $2017 USD and continues to remain stable at this price level.
The price still leans towards a short-term downward outlook due to the reversal signal from the EMA 34 and selling pressure intensifying while the USD weakens but gold continues to decline. Speculators are selling heavily due to concerns about the improving US economy. The Fed may not cut interest rates until March 2024, which has a negative impact on the gold market.
The price still leans towards a short-term downward outlook due to the reversal signal from the EMA 34 and selling pressure intensifying while the USD weakens but gold continues to decline. Speculators are selling heavily due to concerns about the improving US economy. The Fed may not cut interest rates until March 2024, which has a negative impact on the gold market.
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Comment:
The US economy is resilient amid strong labor demand due to robust consumer spending is setting a positive undertone for the economic outlook, offering an argument supporting restrictive monetary policy guidance.
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