15/06 - Gold continues to correct
The price of gold is facing a crucial support test as the US Dollar and yields increase due to a hawkish Federal Reserve position.
The XAU/USD price has been affected by the dot plot and Powell's speech, along with disappointing Chinese data.
The $1,930 level and US data are key factors for further weakness in the gold price.
A bearish breakdown below $1,930 could lead to a fall towards $1,900.
The downward trend may continue, potentially reaching the $1,876-$1,875 support level and the important 200-day SMA at $1,845.
Although gold prices declined and approached $1,940 on Wednesday, the decrease in open interest and volume suggests that a sustained decline is unlikely. Solid support is seen around $1,930.
The XAU/USD price has been affected by the dot plot and Powell's speech, along with disappointing Chinese data.
The $1,930 level and US data are key factors for further weakness in the gold price.
A bearish breakdown below $1,930 could lead to a fall towards $1,900.
The downward trend may continue, potentially reaching the $1,876-$1,875 support level and the important 200-day SMA at $1,845.
Although gold prices declined and approached $1,940 on Wednesday, the decrease in open interest and volume suggests that a sustained decline is unlikely. Solid support is seen around $1,930.
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