Gold continues to decline according to the technical chart.
Gold prices continue to decline according to the technical chart. World gold prices dropped sharply last Wednesday after Mr. Trump won the election to the White House.
The USD skyrocketed after this event, and the gold market experienced sell-offs. Bond yields rose as investors worried that the tariffs and tax cuts that Mr. Trump promised before his election could cause inflation to rise again.
Morrison said, USD and interest rates increased. Gold prices fell sharply and found a bottom, then increased slightly in the last session of the week, gold was under strong selling pressure. Gold prices hold support from 2,635 to 2,675 USD/ounce. This is the resistance level of gold prices in the last week of September and early October.
This week, the market is interested in some economic information such as US core CPI - data for the Fed to monitor inflation, weekly unemployment benefit data, US retail sales,... Owner Fed Chairman Jerome Powell will also speak on Thursday.
According to Adam Button, Director of Currency Strategy at Forexlive, the market is watching who will be America's next finance minister. He expects the price of gold to increase again if John Paulson is chosen, because he is a gold price speculator.
The USD skyrocketed after this event, and the gold market experienced sell-offs. Bond yields rose as investors worried that the tariffs and tax cuts that Mr. Trump promised before his election could cause inflation to rise again.
Morrison said, USD and interest rates increased. Gold prices fell sharply and found a bottom, then increased slightly in the last session of the week, gold was under strong selling pressure. Gold prices hold support from 2,635 to 2,675 USD/ounce. This is the resistance level of gold prices in the last week of September and early October.
This week, the market is interested in some economic information such as US core CPI - data for the Fed to monitor inflation, weekly unemployment benefit data, US retail sales,... Owner Fed Chairman Jerome Powell will also speak on Thursday.
According to Adam Button, Director of Currency Strategy at Forexlive, the market is watching who will be America's next finance minister. He expects the price of gold to increase again if John Paulson is chosen, because he is a gold price speculator.
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