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Gold suddenly experienced a sharp decline! The price of gold just lost the $2700 mark. FXStreet's chief analyst provides a technical outlook on the gold price.
On Friday during the Asian market session, spot gold suddenly plunged in the short term, with the price just breaking below $2700 per ounce; the price of gold surged nearly 2% on the previous trading day.
Fed rate cut sparks market boom! Powell sends out a significant signal. Gold price skyrockets over $47. How to trade gold?
On Thursday, spot gold surged nearly 2%, as the Fed cut interest rates by 25 basis points as widely expected, causing the dollar to plummet and providing upward momentum for gold. FXStreet analyst Christian Borjon Valencia pointed out that the Fed's dovish rate cut and hints of flexibility in future policy direction benefited gold.
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