Last night, gold prices continued to drop sharply after breaking the key support level of $4,000/ounce, falling to the $3,887/ounce area.
This move is believed to be influenced by capital flows in the market taking profits from precious metals to “bottom-fish” riskier assets such as Crypto and Stocks.
In addition, a statement this morning from Donald Trump said that “we have peace in the Middle East” after negotiations with Hamas went smoothly.
Donald Trump also declared that the U.S. could easily wipe out Hamas but the White House prefers a peaceful approach — this will temporarily ease tensions and give the economy time to recover.
At 1:00 AM tomorrow, the FED will announce its interest rate decision, and the market is cautiously waiting for this event.
Today, the market is expected to move slowly with a slightly downward trend as it awaits the FED’s decision late tonight.
Technical analysis:
In the short term, gold prices are likely to move sideways within a relatively wide range as investors await the FED’s interest rate decision.
=> Watch for Buy/Sell opportunities at both ends of the range: 3933 – 4000.
Trí Hùng
Leave a Reply