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Yesterday witnessed gold continuing to decline from $1875 to $1866 in today's trading session. This is the lowest number in several months. High bond yields and a strong USD continue to weigh on the precious metal.
With the Fed maintaining its trend of tightening interest rates and the unfavorable market conditions for gold continuing as they are now, it would not be surprising if the price of gold continues to decrease in the coming days. Any upward momentum for gold may only be in the short term, with the possibility of this precious metal testing the $1800/ounce level, with strong resistance levels ranging from $1840 to $1850/ounce.
Trading plan for 29/09:
XAUUSD Sell zone 1875 - 1877
SL 1881
TP 1860
Yesterday witnessed gold continuing to decline from $1875 to $1866 in today's trading session. This is the lowest number in several months. High bond yields and a strong USD continue to weigh on the precious metal.
With the Fed maintaining its trend of tightening interest rates and the unfavorable market conditions for gold continuing as they are now, it would not be surprising if the price of gold continues to decrease in the coming days. Any upward momentum for gold may only be in the short term, with the possibility of this precious metal testing the $1800/ounce level, with strong resistance levels ranging from $1840 to $1850/ounce.
Trading plan for 29/09:
XAUUSD Sell zone 1875 - 1877
SL 1881
TP 1860
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