Gold price recovers slightly after the shock reduction!
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The price of gold is currently experiencing a gentle recovery after receiving support at the $1965 USD level, and is now trading at $1970 USD at the start of the morning session.
In terms of news impacting gold:
The new influx of US dollars has caused XAU/USD to drop to $1,956.65 per troy ounce on Tuesday, with the precious metal trading in the red at around $1,965 USD.
The US dollar is rebounding as the market becomes more uncertain, with Federal Reserve officials warning that tightening monetary policy due to speculative interest rates may not be over.
Speaking at various events, members of the Federal Open Market Committee (FOMC) agreed that inflation has eased but may require additional measures to bring it back to 2%. The financial market remains cautious despite the looming risks to economic growth at a record pace, putting pressure on gold and causing its price to decline!
In terms of technical analysis on the 4-hour chart:
Gold quickly dropped from the support level of $1980 and swiftly reached $1965 USD. Currently, the precious metal is bouncing back from the $1965 support level after forming a new bottom in that area, limiting the possibility of further price declines.
In terms of news impacting gold:
The new influx of US dollars has caused XAU/USD to drop to $1,956.65 per troy ounce on Tuesday, with the precious metal trading in the red at around $1,965 USD.
The US dollar is rebounding as the market becomes more uncertain, with Federal Reserve officials warning that tightening monetary policy due to speculative interest rates may not be over.
Speaking at various events, members of the Federal Open Market Committee (FOMC) agreed that inflation has eased but may require additional measures to bring it back to 2%. The financial market remains cautious despite the looming risks to economic growth at a record pace, putting pressure on gold and causing its price to decline!
In terms of technical analysis on the 4-hour chart:
Gold quickly dropped from the support level of $1980 and swiftly reached $1965 USD. Currently, the precious metal is bouncing back from the $1965 support level after forming a new bottom in that area, limiting the possibility of further price declines.
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