Hello everyone, today XM brings you "Gold Continues to Decline". We hope it helps you! Original content is as follows:
The xm注册入口price of gold has stabilized slightly after a two-day decline, as investor attention remains focused on negotiations between the U.S. and Iran, while the indefinite closure of the Strait of Hormuz continues to heighten inflation risks. The price of gold approached the mark of $4,590 per ounce, following a 2.4% drop over the previous two sessions to its lowest level in nearly four weeks.
The tense geopolitical situation surrounding Iran continues to significantly impact gold pricing. Investors are closely monitoring the progress of negotiations, assessing potential implications for global stability and, consequently, for precious metals markets. Any signs of escalation or, conversely, progress in diplomatic efforts could trigger fluctuations in gold prices.
Particular attention is being drawn to the Strait of Hormuz, a key transport corridor for global oil production. The threat of its further closure is directly linked to rising inflation expectations. This could prompt central banks to raise interest rates, further pressuring gold.
Yesterday, President Donald Trump stated that Iran has approached the U.S. with a request to lift the maritime blockade of the Strait of Hormuz while both sides negotiate an end to the two-month war that has disrupted global energy supplies. Tehran is expected to present a revised proposal in the coming days.
Traders will also be closely watching upcoming interest rate decisions from the U.S., the European Union, the UK, and Canada in the next few days.
The Federal Reserve is expected to keep interest rates unchanged today. Investors will also be watching to see whether Jerome Powell remains on the board after the end of his term as chair.
Regarding the current technical picture for gold, buyers need to reclaim the nearest resistance at $4,607. This will allow them to target $4,656, above which it will be quite challenging to break through. The further target will be the area of $4,708. If gold declines, bears will attempt to regain control at $4,546. If successful, breaking through this range will deal a serious blow to bull positions and push gold down to a low of $4,481, with a potential drop to $4,432.
The above is all about "Gold Continues to Decline", carefully edited by the XM team. Thank you for your support!
