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Gold Prices Drop Below 6600 Pounds
Gold prices in Egypt have fallen locally, with the 21-karat gold price dropping below 6,600 Egyptian pounds per gram, marking a 1% loss of 60 pounds. This decline follows a decrease in global gold prices and a gradual weakening of the US dollar against the Egyptian pound, which remains above 51 pounds per dollar. Globally, gold has managed to surpass the level of $4,570 per ounce, representing the 38.2% Fibonacci correction of the recent downswing. There are potential prospects for the price to reach the next retracement level of $4,770, but it faces resistance at $4,700, which could lead to some price fluctuation before gaining further momentum.
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