Darius_trader的OANDA:XAUUSD的World gold price drops to low level: gold analysis today

World gold price drops to low level: gold analysis today

Greetings, everyone! Darius here.

The price of gold continues to decrease today, currently trading at a low price of 1864 USD. This is due to the high bond yields and the strong US dollar, both exerting pressure on the precious metal.

According to Darius's perspective, the low price of 1861 could be tested once again and then considered as a significant support level to push gold prices back up.

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good luck everyone

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The gold market is attracting technical buying after prices fell to their lowest level since March.

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Currently, investors are waiting for data on personal consumption expenditures (PCE), the US Federal Reserve's (FED) preferred inflation measure, expected to be announced today.

交易進行

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XAU - slight increase indicating a large bullish candle

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It is likely to fall further in the short term and even test support at $1,800 an ounce after falling below $1,900 for the first time since March this year.

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In the last trading session of the week, gold rose as much as 0.8% as the latest report showed core inflation decreased in August. The core personal consumption expenditures price index (PCE) increased by 3, 9% year-on-year in August, down from 4.3% in July. However, gold could not hold on to its modest gains and continued to decline.

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Gold continues to decline, continuing to search for a bottom

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This week, some information was announced that had an impact on the gold market. Specifically, the September ISM manufacturing and services PMI index along with more than a dozen speeches by US and European central bank governors. The highlight of the week will be the nonfarm payrolls report for September, scheduled for release on Friday morning.

Darius_trader