Dear friends, Unable to surpass the $2,010 resistance level, gold experienced a loss of several dollars, declining by 0.18% throughout the day. At the time of writing, gold is trading at $1,978.
Regarding market news:
- The international gold market weakened after a decline in US consumer confidence. This has prompted an increased demand for holding USD, resulting in a significant rise in its value.
- On the other hand, the Bank of Japan's decision to maintain interest rates and the increase in yields on 10-year Japanese government bonds (JGBs) have further strengthened the USD against the yen. Today, gold prices face additional unfavorable factors.
Regarding expectations and technical analysis:
The current support level may aid in the short-term recovery of gold, currently at $1,950. We can anticipate an increase in gold's value from this resistance level.
Do you agree with my analysis? What is your viewpoint?
Regarding market news:
- The international gold market weakened after a decline in US consumer confidence. This has prompted an increased demand for holding USD, resulting in a significant rise in its value.
- On the other hand, the Bank of Japan's decision to maintain interest rates and the increase in yields on 10-year Japanese government bonds (JGBs) have further strengthened the USD against the yen. Today, gold prices face additional unfavorable factors.
Regarding expectations and technical analysis:
The current support level may aid in the short-term recovery of gold, currently at $1,950. We can anticipate an increase in gold's value from this resistance level.
Do you agree with my analysis? What is your viewpoint?
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