How is gold price traded today?

Hello dear friends, let's explore the price of gold together!

Regarding the developments and outcomes of the news on January 22nd: The price of gold experienced significant fluctuations, mainly trending downwards. This is due to the strengthening of the US dollar as the Federal Reserve is unlikely to cut interest rates in March. As a result, investing in gold becomes more expensive due to higher interest rates.

Conclusion on gold and trends: The price of gold is tied to a narrow range, trading around $2,021 in the Asian session on Tuesday. The market becomes cautious ahead of a busy week with policy meetings from central banks.

The "buy on dips" trading strategy for gold continues as long as the significant static support level of $1,980 is maintained. Evidence shows that the price is forming a cup pattern as we have indicated on the chart. The upward trend could strengthen further if strong buying pressure is received from this support level.

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