Gold left 2000 USD again. What happens next?
Today, the price of gold continues to move away from the $2,000 range, which it has been trading around since the beginning of the week. Currently, the precious metal is trading around $1,951. Here are some important pieces of information:
Factors contributing to the decline in gold prices:
- The current operating interest rate in the US is at its highest level in 22 years, at 5.25% - 5.5%.
- Another reason for the decrease in gold prices is the sharp drop in oil, which is closely related to gold. The price of WTI crude oil has fallen to $77 per barrel.
Despite the increase in the value of the US dollar, precious metals still attract the attention of major investors.
Technical analysis:
As predicted by Samson yesterday, gold has dropped below the key support level of $1,950 and has shown slight signs of recovery from this level at the start of today's trading session. However, the overall trend is still unclear. Gold needs to maintain its current support level in order to potentially return to $1,975. On the other hand, breaking the current support level could lead to a further decline towards the next support level at $1,933.
Factors contributing to the decline in gold prices:
- The current operating interest rate in the US is at its highest level in 22 years, at 5.25% - 5.5%.
- Another reason for the decrease in gold prices is the sharp drop in oil, which is closely related to gold. The price of WTI crude oil has fallen to $77 per barrel.
Despite the increase in the value of the US dollar, precious metals still attract the attention of major investors.
Technical analysis:
As predicted by Samson yesterday, gold has dropped below the key support level of $1,950 and has shown slight signs of recovery from this level at the start of today's trading session. However, the overall trend is still unclear. Gold needs to maintain its current support level in order to potentially return to $1,975. On the other hand, breaking the current support level could lead to a further decline towards the next support level at $1,933.
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Comment:
Gold price increases because this item reacts in contrast to the geopolitical instability in the world. The Israeli-Hamas war was still tense and could spread to the Middle East.
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