Last night, Gold prices continued to decline sharply following a sell-off in U.S. stocks and growing pessimism about the prospect of the FED cutting interest rates in December.
However, toward the end of the session, Gold made a positive rebound from 4007 to 4045$/ounce after FED’s Waller showed a dovish tone and supported a potential rate cut in December.
Despite this, Gold still shows a gradually decreasing trend as recent Asian sessions have leaned more toward SELLING rather than BUYING.
In the short to medium term, Gold may continue to face selling pressure unless strong bullish news emerges, as the market is becoming more cautious with investment decisions.
Additionally, the U.S. has just announced the discovery of a large Gold deposit that is about to be mined. Therefore, Gold prices may stabilize in the near future ahead of the FED’s interest rate decision in December.
Technical Analysis:
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