Fed's Policy Outlook Weighs on Gold, Drops Below $2,300
Gold continues to face downward pressure, dropping below the $2,300 mark near the end of the US trading session on Tuesday. Expectations regarding the Federal Reserve's monetary policy still support the increase in US Treasury bond yields, thereby keeping the US Dollar (USD) at its recent high level.
From a technical perspective on the 4-hour chart, we can observe that the price of gold has fallen below the Simple Moving Averages (SMA), and the Relative Strength Index (RSI) has traded below the 30 level, indicating a clear signal of the strength of the downward trend.
From a technical perspective on the 4-hour chart, we can observe that the price of gold has fallen below the Simple Moving Averages (SMA), and the Relative Strength Index (RSI) has traded below the 30 level, indicating a clear signal of the strength of the downward trend.
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