Gold has a downtrend - 25/05/2023

Gold prices decreased today as negotiations for US government debt extension resumed. Earlier, the price of gold, XAUUSD, had gone up slightly due to a rise in safe-haven demand, as the deadline for debt default approached and talks remained at an impasse.

The Federal Open Market Committee recently released minutes from its latest monetary policy meeting, showing that FED members have differing opinions on suspending interest rate hikes. As a result, the USD continued to strengthen, which lowered gold prices today.

If the downward trend of gold prices continues, we may see a new price around 193x today.