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The downward trend in prices continues at the beginning of the new week. Currently, at the opening of the week, precious metals are trading around $1938. There are no new developments in the tense situation in the Middle East, and the USD continues to strengthen. The Federal Reserve has not clearly determined the possibility of an interest rate hike, which negatively affects the price of gold.
On the 4-hour chart, Gold is showing signs of a reversal and is trading below two downward trend channels. Therefore, the downward trend is playing a favorable role in the market this week. The expected support level for this decline is $1915.
The downward trend in prices continues at the beginning of the new week. Currently, at the opening of the week, precious metals are trading around $1938. There are no new developments in the tense situation in the Middle East, and the USD continues to strengthen. The Federal Reserve has not clearly determined the possibility of an interest rate hike, which negatively affects the price of gold.
On the 4-hour chart, Gold is showing signs of a reversal and is trading below two downward trend channels. Therefore, the downward trend is playing a favorable role in the market this week. The expected support level for this decline is $1915.
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