Hello everyone!
After surging above $2,040, Gold reversed its direction and turned negative (-0.82%) on the day, closing temporarily around $2,019. Hawkish comments from the Fed Chair boosted yields on US Treasury bonds and made it difficult for XAU/USD to maintain its upward momentum.
On the chart analysis: The precious metal broke out of its previous sideways trend and started a steep decline. The current support level for gold is quite far away, around $1985.
With the ongoing price decline, will that target be achievable in the coming week? Let's wait and see with Karina! And what do you think about the future trend of gold?
After surging above $2,040, Gold reversed its direction and turned negative (-0.82%) on the day, closing temporarily around $2,019. Hawkish comments from the Fed Chair boosted yields on US Treasury bonds and made it difficult for XAU/USD to maintain its upward momentum.
On the chart analysis: The precious metal broke out of its previous sideways trend and started a steep decline. The current support level for gold is quite far away, around $1985.
With the ongoing price decline, will that target be achievable in the coming week? Let's wait and see with Karina! And what do you think about the future trend of gold?
