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Gold Price Is Still Falling After Broke Below The 1680 Key Support-Level! Where Is The End?

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The August Retail Sales data released by the United States unexpectedly rebounded yesterday, and the number of initial jobless claims fell to the lowest record since May. In addition, the August CPI rose unexpectedly, raising the expectations of Fed to raise interest rates by at least 75bps on next week (or even raise interest rates by 100bps), the dollar is close to the 20-year high, the price of gold has broken below the 1680 key support-level. The risk of the declining in gold prices in the short term still exists. Not only focus on the near 1640 support-level in the short-term, but also the 1600 key support-level in the medium-term. However, the IMF and the World Bank warned that the risk of a global economic recession, and did not rule out the possibility of gold prices bottoming out or fluctuating at the low level.

The trend of gold can be paid attention to…

-Latest news on the Russian-Ukrainian war, Europe’s energy crisis and Strikes in the United States & France
-22:00 Preliminary value of the University of Michigan Consumer Confidence Index (September)
Which will affect the trend of gold, and investors must seize the opportunity to place orders.
Daily Focus allows you to understand the gold market, increase profit opportunities, and seize the opportunity immediately.

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Disclaimer: Information above can only be use for references and doesn’t represent our platform’s opinions.

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