Gold is Falling Toowards 2273

#market_pulse #Gold


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👀 Let's take a close look at #Gold and its potential trading opportunities.


📊 Technical and Fundamental Insights

Gold prices steadied on Thursday after hitting a two-week low, with spot gold unchanged at $2,298.76 per ounce. Investors are awaiting U.S. inflation data for clues on future Fed rate cuts. The dollar near an eight-week high and firm bond yields are pressuring gold. Fed's Bowman expects inflation to decline with rates held steady. If core PCE data disappoints, gold could dip towards $2,270.

Technical Analysis:

On the chart, gold is trading within a descending channel, indicating a bearish trend. Key support is around $2,270, with resistance near $2,450. Stochastic indicators show oversold conditions, suggesting a potential rebound if economic data supports it.

Question:
How do you think, will gold continue its fall towards $2,270 level, or is it accumulating positions ahead of a rise?

👍 Rise

👎 Fall

🤔 Unsure

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