Gold prices extended their decline as the US dollar and US bond yields jumped after the Federal Reserve stepped up its hawkish stance on interest rates. Gold may need to rely on a decline in US Treasury yields to stage a significant recovery. The Fed kept interest rates steady on Wednesday, but latest forecasts suggest it could raise rates again this year and keep rates tight before mid-2024.
We can see the price formed a peak divergence and then crossed the uptrend line on the H4 chart. On the other hand, gold is moving below the 48-hour moving average and could fall again.
We can see the price formed a peak divergence and then crossed the uptrend line on the H4 chart. On the other hand, gold is moving below the 48-hour moving average and could fall again.
