GOLD CPI MOVEMENT
Gold is currently undergoing a correction phase after reaching record highs earlier this year. Today, prices have continued their downward movement, with key support levels being tested. Analysts suggest that gold's decline is mainly driven by the strength of the U.S. dollar and revised expectations for the Federal Reserve's interest rate cuts, which are now seen as less aggressive than previously expected. As a result, gold has seen pressure from these macroeconomic factors.
For the rest of the day, gold may continue to fluctuate around the $2,600 mark. If the price stays below $2,632, further downside to $2,585 is possible, according to technical forecasts. However, if buyers step in, a rebound could push prices back toward the $2,640 to $2,663 range
For the rest of the day, gold may continue to fluctuate around the $2,600 mark. If the price stays below $2,632, further downside to $2,585 is possible, according to technical forecasts. However, if buyers step in, a rebound could push prices back toward the $2,640 to $2,663 range
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