Gold Price Today: Continues to Decrease
The global gold price continues its downward trend, with spot gold falling by 11 USD to 2,736.4 USD/ounce. The recovery of the USD has put significant pressure on gold prices, causing the precious metal to decrease by 0.2% on the day. The USD has regained what it lost earlier and increased by 0.4%, making gold less attractive.
On the 4-hour chart, we can easily see the downtrend of gold. After encountering strong resistance at 2,786 USD/ounce, gold has the potential to reverse and drop to the support level of 2,754 USD/ounce, which was previously a resistance level. If the downward trend continues, gold prices may fall to the important support level of 2,735 USD/ounce, where it could prevent further declines and create opportunities for a future increase.
In the current context, investors are closely monitoring the movements of the USD and other macroeconomic indicators to make informed trading decisions.
On the 4-hour chart, we can easily see the downtrend of gold. After encountering strong resistance at 2,786 USD/ounce, gold has the potential to reverse and drop to the support level of 2,754 USD/ounce, which was previously a resistance level. If the downward trend continues, gold prices may fall to the important support level of 2,735 USD/ounce, where it could prevent further declines and create opportunities for a future increase.
In the current context, investors are closely monitoring the movements of the USD and other macroeconomic indicators to make informed trading decisions.
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