GOLD are Extending the Downtrend
Hello everyone! Today i want to share some macro analysis with you!
$Gold - main 2606(GCmain)$Gold fell 0.50% on Monday, closing at $4682.76. The pullback in gold prices mainly reflected a market reassessment of geopolitical risks and inflationary pressures. With no substantial progress in the US-Iran conflict, tight energy supplies pushed up oil prices, keeping inflation expectations high and further limiting the Federal Reserve's room for short-term interest rate cuts, putting pressure on non-yielding assets. In this environment, market uncertainty about the economic outlook has increased, supporting gold's medium-term safe-haven value, but in the short term, it will continue to be influenced by interest rate expectations and the dollar's movement. Investors should pay attention to the Federal Reserve's interest rate decision statement this week.
In early Asian trading on Tuesday, gold rebounded again to $4700 before continuing to fall, facing significant resistance above. Today, continue to focus on the $4660 support level, maintaining a sell-only trading strategy. There is a possibility of breaking below $4650 today and extending the downtrend.
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