Update the latest gold price situation
Updated
On August 16th, the global price of gold experienced a slight decline, decreasing by $3.2 to reach $1,903.6 per ounce.
However, the decrease in precious metal prices is expected to be limited due to demand from major central banks worldwide. These banks are still actively adding gold to their reserves.
When looking at the 4-hour chart, it is evident that the price of gold has been on a downward trend for three weeks. Going forward, bulls aim to surpass the resistance level of $2,000 per ounce and achieve a close above it. On the other hand, bears' short-term objective is for futures prices to drop below the support level of $1,900.
However, the decrease in precious metal prices is expected to be limited due to demand from major central banks worldwide. These banks are still actively adding gold to their reserves.
When looking at the 4-hour chart, it is evident that the price of gold has been on a downward trend for three weeks. Going forward, bulls aim to surpass the resistance level of $2,000 per ounce and achieve a close above it. On the other hand, bears' short-term objective is for futures prices to drop below the support level of $1,900.
Note
Given these ongoing developments within the gold market that show little signs of improvement, investors are opting to sell their holdings in order to recover their capital.Note
The world's largest gold exchange-traded fund SPDR Gold Trust has just announced that its gold holdings fell 0.4% to the lowest level since January 2020 on Monday (August 14).
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