Gold prices have been trading lower for the past three weeks, and the prices have started the week on the back foot once again. The gold price is getting close to an important support level, and traders are asking themselves if the price breaks this critical support level and what will be next for the price. Gold prices have started to trade lower after they made a high of $2079 in April this year.
Although I continue to think that the Fed is very much done with its interest rate and is unlikely to increase it, especially if inflation doesn't shoot above market expectations, This means that the dollar index is likely to move lower, which should be positive for the gold price. Speaking purely from a price action perspective, gold traders are mainly focused on the critical level of $1,900.
To summarise, I think the fundamentals favour that gold prices are unlikely to experience any serious meltdown, and there are odds in favour of dollar weakness coming, which should support the gold price. Follow NaeemAslam23 info@zayecpaitalmarkets.com zayecapitalmarkets.com/
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