Hello everyone, what do you think about the gold price today?
Recently, gold has experienced a significant price drop, from nearly 2400 USD to about 2311 USD, down nearly 65 USD compared to the previous day.
So what has led to this sharp decline in gold prices?
Global economic news: Before the June monetary policy meeting of the US Federal Reserve, the market temporarily eliminated expectations for interest rate increases until developments in the Middle East became clear. than. The reduction in geopolitical tensions in this region has increased selling pressure, causing a decline in gold prices.
Market sentiment: Gold is considered overbought, leading to investors starting to sell off to relieve pressure and take profits after recent price increases.
Technical analysis: The downtrend was confirmed when the downtrend line was successfully crossed. Resistance at $2400 remains intact as investors sell. Currently, gold is finding support at around $2305 and is likely to rebound slightly, but is likely to face new resistance at the Fibonacci retracement level between 0.5 and 0.618 (after the support level). 2345 USD broken). The target price of 2270 USD is the point that sellers are aiming for, especially when the psychological level of 2300 USD continues to weaken under strong selling pressure.
I predict that gold prices will continue to adjust in the near future. How about you?
Recently, gold has experienced a significant price drop, from nearly 2400 USD to about 2311 USD, down nearly 65 USD compared to the previous day.
So what has led to this sharp decline in gold prices?
Global economic news: Before the June monetary policy meeting of the US Federal Reserve, the market temporarily eliminated expectations for interest rate increases until developments in the Middle East became clear. than. The reduction in geopolitical tensions in this region has increased selling pressure, causing a decline in gold prices.
Market sentiment: Gold is considered overbought, leading to investors starting to sell off to relieve pressure and take profits after recent price increases.
Technical analysis: The downtrend was confirmed when the downtrend line was successfully crossed. Resistance at $2400 remains intact as investors sell. Currently, gold is finding support at around $2305 and is likely to rebound slightly, but is likely to face new resistance at the Fibonacci retracement level between 0.5 and 0.618 (after the support level). 2345 USD broken). The target price of 2270 USD is the point that sellers are aiming for, especially when the psychological level of 2300 USD continues to weaken under strong selling pressure.
I predict that gold prices will continue to adjust in the near future. How about you?
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