Dear friends, ever since surpassing the $2010 mark, the value of precious metals has been on a steady decline. Currently, it is trading at $1953, showing stability in its downward trend.
The US dollar remains weak compared to other major currencies. The USD Index, which measures the strength of the USD against a basket of major currencies worldwide, currently stands at 105.54, a 0.03% decrease from yesterday. Consequently, gold may still receive support from this, allowing it to test the previously broken support level. However, the downward trend is expected to resume as Mr. Powell might reiterate recent statements that the Fed will maintain interest rates at their current levels and the US central bank may have completed its rate hike.
Anticipated for this decline is Federal Reserve Chairman Jerome Powell's upcoming speeches on Wednesday and Thursday (US time).
What are your thoughts? Do you agree with me?
The US dollar remains weak compared to other major currencies. The USD Index, which measures the strength of the USD against a basket of major currencies worldwide, currently stands at 105.54, a 0.03% decrease from yesterday. Consequently, gold may still receive support from this, allowing it to test the previously broken support level. However, the downward trend is expected to resume as Mr. Powell might reiterate recent statements that the Fed will maintain interest rates at their current levels and the US central bank may have completed its rate hike.
Anticipated for this decline is Federal Reserve Chairman Jerome Powell's upcoming speeches on Wednesday and Thursday (US time).
What are your thoughts? Do you agree with me?
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