Gold "plunged" without braking
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Hello everyone, this is Samson. Yesterday we witnessed a significant drop in the price of gold, falling from $1900 to $1874. The strong support level at $1900 was broken, indicating that the trend today may continue to be bearish.
Furthermore, market information suggests that the strengthening of the US dollar is not solely due to an improved US economy but rather because interest rates in the US are currently very high. The basic interest rate in the US (federal funds rate) is at its highest level in 22 years, ranging from 5.25% to 5.5%. This has put pressure on precious metals.
The current upward movements may only be temporary and we need to wait for further developments from the Federal Reserve Board for a clearer picture of gold's future direction.
Furthermore, market information suggests that the strengthening of the US dollar is not solely due to an improved US economy but rather because interest rates in the US are currently very high. The basic interest rate in the US (federal funds rate) is at its highest level in 22 years, ranging from 5.25% to 5.5%. This has put pressure on precious metals.
The current upward movements may only be temporary and we need to wait for further developments from the Federal Reserve Board for a clearer picture of gold's future direction.
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