Gold price is silent waiting for the opportunity to increase
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Gold prices in the market are experiencing slight fluctuations, with trading hovering around $1,943.4 per ounce, a increase of $3.8 per ounce compared to this morning.
Based on recent developments in the gold market, this precious metal is expected to face significant pressure in the short term due to relatively strong data. High inflation implies that the Federal Reserve may have difficulty reducing interest rates until 2024. This environment will undoubtedly restrain the precious metals market.
This indicates that gold prices will not receive much support in the near future.
Based on recent developments in the gold market, this precious metal is expected to face significant pressure in the short term due to relatively strong data. High inflation implies that the Federal Reserve may have difficulty reducing interest rates until 2024. This environment will undoubtedly restrain the precious metals market.
This indicates that gold prices will not receive much support in the near future.
Note
Technically, gold prices are still below the important resistance level of 1,950 USD/ounce and investors are still waiting for information about the upcoming monetary policy of the US Federal Reserve (Fed).Note
The Fed says it will need to consider a slowdown in the labor market as a condition for ending the current tightening cycle.Note
Currently, the price of gold has experienced a slight decrease compared to the previous trading session after reaching a peak of $1,952.79 per ounce, which was the highest level this month, and then dropping down to $1,936 per ounce.
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