Downtrend engulfs GOLD
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Federal Reserve Chair Jerome Powell's hawkish statements have led to an increased demand for the US dollar. The market sentiment has been further weakened by disappointing economic data from the United States.
Despite the negative mood in the market, the XAU/USD pair is experiencing a bearish trend and is aiming to break through the $1,900 mark.
Despite the negative mood in the market, the XAU/USD pair is experiencing a bearish trend and is aiming to break through the $1,900 mark.
Note
The strengthening dollar has made the interest and depository fees for gold more expensive. Additionally, the SPDR fund has been selling gold for two consecutive sessions on June 21-22, with a total selling volume of over 4.3 tons
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