Gold prices plummeted continuously
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Hello dear friends, let's learn about today's gold price with Karina!
The XAU/USD pair traded near an intraday low of $2001 mid-afternoon in the US, as investors continued to reduce bets on a Federal Reserve (Fed) interest rate cut in March next. The CME tool shows a 52% chance of such an event, down from about 70% a few weeks ago.
The reaction to the information on the USD continued to increase strongly and acted as a psychological arrow for investors, causing them to sell gold massively, leading to a sudden decrease in gold.
On the analysis chart: Gold went far beyond the 2015 USD support level as we expected. With the current difficult situation, the prospect of a decrease in gold prices is still very large. The 1982 USD target remains on the table during this short period with a short-term recovery possibly aimed at the 0.618 Fibonacci level before the bears take action!
And you, do you think at this time we should prioritize buying or selling?
The XAU/USD pair traded near an intraday low of $2001 mid-afternoon in the US, as investors continued to reduce bets on a Federal Reserve (Fed) interest rate cut in March next. The CME tool shows a 52% chance of such an event, down from about 70% a few weeks ago.
The reaction to the information on the USD continued to increase strongly and acted as a psychological arrow for investors, causing them to sell gold massively, leading to a sudden decrease in gold.
On the analysis chart: Gold went far beyond the 2015 USD support level as we expected. With the current difficult situation, the prospect of a decrease in gold prices is still very large. The 1982 USD target remains on the table during this short period with a short-term recovery possibly aimed at the 0.618 Fibonacci level before the bears take action!
And you, do you think at this time we should prioritize buying or selling?
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