Hello everyone!!
The price of gold today is mainly flat with not much fluctuation around the $2021 mark. With a visible resistance level at $2035 and positioned below the EMA 34 and 89 lines, the downward trend is still continuing despite signs of cooling down.
Regarding news that affects the price of gold, investors are anticipating important economic reports from the US this week, including the PMI report, Q4 GDP data, and personal spending. This information will provide new indications about the Fed's interest rate policy. According to the CME FedWatch Tool, the likelihood of a Fed rate cut in March has decreased from over 70% to 43.5%, weakening the potential for a sharp increase in gold prices.
RKarina predicts that the price of gold may continue to decline but still remain within the defensive range from $2005 to $2008. Gold still has a chance to reverse its direction if it holds above this support level.
What are your expectations for the price of gold in the near
The price of gold today is mainly flat with not much fluctuation around the $2021 mark. With a visible resistance level at $2035 and positioned below the EMA 34 and 89 lines, the downward trend is still continuing despite signs of cooling down.
Regarding news that affects the price of gold, investors are anticipating important economic reports from the US this week, including the PMI report, Q4 GDP data, and personal spending. This information will provide new indications about the Fed's interest rate policy. According to the CME FedWatch Tool, the likelihood of a Fed rate cut in March has decreased from over 70% to 43.5%, weakening the potential for a sharp increase in gold prices.
RKarina predicts that the price of gold may continue to decline but still remain within the defensive range from $2005 to $2008. Gold still has a chance to reverse its direction if it holds above this support level.
What are your expectations for the price of gold in the near
