Hello dear friends, AD is delighted to meet you all again.
Contrary to yesterday's prediction, we have witnessed a significant decline in gold. It is currently trading at a low price of $1874 due to the pressure exerted by the hawkish stance of the Federal Reserve (Fed), which continues to drive up bond yields and the USD, suppressing the upward trend in metal markets.
Looking at the 1-day chart, Gold has dropped below its lowest support level since November. It would not be surprising if Gold continues to test its lowest price for 2023 at $1810 per ounce, which is a perfect figure with strong support indicating potential recovery from this point onwards.
Contrary to yesterday's prediction, we have witnessed a significant decline in gold. It is currently trading at a low price of $1874 due to the pressure exerted by the hawkish stance of the Federal Reserve (Fed), which continues to drive up bond yields and the USD, suppressing the upward trend in metal markets.
Looking at the 1-day chart, Gold has dropped below its lowest support level since November. It would not be surprising if Gold continues to test its lowest price for 2023 at $1810 per ounce, which is a perfect figure with strong support indicating potential recovery from this point onwards.
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good luck everyone
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The DXY index (measuring the fluctuation of the USD compared to 6 major currencies) continued to increase and reached 106.4 points. DXY index reached its highest level in 6.5 months. Meanwhile, US bond yields reached a 16-year high.
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The gold market is attracting technical buying after prices fell to their lowest level since March.
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