Gold drops 3% after 21 days of gains
Last week, gold prices declined by more than 3%, recording their first weekly loss after three weeks of gains, closing at $4,454 per ounce. The decline was driven by a shift in expectations regarding U.S. monetary policy following Federal Reserve Chair statements that were more hawkish on inflation, increasing bets on a rate hike in September. The dollar index rose, and these factors exerted pressure on the dollar-denominated gold price, although concerns over U.S. debt and geopolitical risks remain long-term supports for gold. From a technical perspective, market analysis indicates the potential for a deeper corrective wave, with close attention to support and resistance levels, particularly around the $4,450 mark, which is crucial to hold in order to avoid further declines.
Notice: This Is an AI-Generated Summary
Comments (0)