As gold plummeted, Powell's speech is coming! FXStreet senior analyst: It is crucial for gold prices to hold this support.
In early European trading on Thursday, spot gold maintained a sharp decline trend intraday, with the current gold price near $2,556 per ounce, a daily plunge of about $17. FXStreet senior analyst Dhwani Mehta pointed out that as the relative strength index (RSI) on the daily chart of gold remains bearish, it is crucial for gold buyers to hold above the 100-day moving average near $2,545 per ounce.
Under the storm of a strong US dollar, the gold bull market has pressed the pause button, how does Wall Street view it?
Short-term fluctuations, long-term optimism.
Gold has been heavily sold off again! The price of gold has plummeted by more than 20 dollars in a day. Powell may trigger severe fluctuations. Analysis of the trade involving the euro, british pound, yen, and gold.
#Gold Technical Analysis# #Forex Technical Analysis# FX168 Financial Report (Asia-Pacific) News: In the early European session on Thursday, November 14th, the US Dollar Index maintained a strong trend, currently around 106.70; spot gold plummeted significantly, with the price currently at $2552 per ounce, plummeting more than $20 within the day.
Gold's Losing Streak Continues, Analysts Advise Holding Shorts
Has the gold bull market ended?
gtja believes that with Trump's return to power, inflation factors and the weakening of dollar credit may become key supports for the continued strength of gold. Long-term risks may arise from breakthrough developments in the usa's AI industry: if the usa can achieve re-industrialization and significantly improve total factor productivity through the AI boom, it will effectively alleviate inflation and fiscal pressures, thereby delaying the trend of dollar credit weakening, which may become a key variable to intercept the gold bull market.
The reason for the gold price drop of over 25 dollars is here! Powell's speech is impactful. How to trade gold?
On Wednesday, due to the expected rise in usa's October CPI, the dollar strengthened and usa's bond yields increased, causing gold prices to be sold off, marking the fourth consecutive day of declines. FXStreet analyst Christian Borjon Valencia indicated that upcoming economic events, including Federal Reserve Chair Powell's speech and usa's retail sales, will further influence the trend of gold.