Gold Market Analysis: The US dollar index is almost falling below 100, and gold is climbing higher, approaching historical highs.
Wang Gang, the Bank of China's Guangdong Provincial Branch, said that investors are waiting for the release of the preliminary GDP for the second quarter of the United States, initial claims for unemployment benefits, and the PCE price index preferred by the Federal Reserve this week. If the above data does not provide amazing growth, the scenario of a decline in the US dollar interest rate will continue to ferment in the foreign exchange market, putting pressure on the US dollar to continue its downward trend, and it is expected that gold will also gain momentum to continue to create new historical highs.
Something happened!? Gold price plunged nearly $16 intraday, the latest gold intraday trading analysis by a renowned institution.
On Wednesday, the Asian market closed with spot gold continuing its intraday correction, with prices falling below $2510 per ounce, a drop of nearly $16 during the day. Analysts pointed out that the USD index rebounded significantly in the Asian market on Wednesday, currently at 100.85, with an increase of nearly 30 points during the day. The strong USD has put pressure on the gold price.
Gold short-term shocked to see a plunge! The price of gold fell more than 15 dollars from the daily high, FXStreet chief analyst gold price technical analysis.
#Gold Technical Analysis#24K99 News On Wednesday (August 28), during the Asian session, spot gold suddenly plummeted in the short term, and the current price of gold has fallen to around $2513 per ounce, a drop of more than $15 from the intraday high of $2529.04 per ounce. Valeria Bednarik, chief analyst at FXStreet, wrote an analysis of the technical outlook for gold.
Gold market suddenly erupts! Gold price now surges by over $20, with fierce words exchanged between the US and Iran. How to trade gold.
During the Tuesday trading session in the United States, spot gold suddenly surged from around $2,503 per ounce to briefly touch $2,526 per ounce. FXStreet analyst Christian Borjon Valencia pointed out that with the weakening of the US dollar, the price of gold steadily rose in the North American market on Tuesday.
Chances of Correction in Gold Prices Increase – TDS
Be cautious as gold may experience a larger pullback! Well-known institutions suggest that the price of gold may have a potential downside of over $25.
In early trading on Tuesday, the spot gold maintained a significant intraday decline. Currently, the gold price is around $2508 per ounce, with a sharp drop of about $10 during the day. According to Economies.com, the technical aspect of gold is conveying negative signals, implying that there may be more pullbacks in the future price. The first bearish target is at $2483.40 per ounce.