A decline in gold prices during today’s trading, the opening of the global financial markets, thus continuing its series of losses for the fourth consecutive day, under the pressure of the rise of the US dollar once morest the rest of the major and other minor currencies.
This came following the recent statements by members of the Federal Reserve regarding the possibility of raising interest rates for the fifth time in a row by 75 points during the month of December.
Accordingly, it recorded a decrease during the day by 0.6%, to be traded at a price of $1,740.58, compared to the opening price of trading at $1,750.70.
On the other hand, gold prices fell on Friday by 0.5%, recording the third daily loss in a row, due to the recovery of US dollar levels in the foreign exchange market.
It recorded a rise today, Monday, by more than 0.6%, to extend its gains for the third day in a row, to record the highest level in two weeks at 107.63 points, due to the increase in purchases on the dollar as the best available investment.
In terms of technical analysis, breaking point 1746.40 and holding below it will reinforce the continuation of the bearish trend during today’s trading towards point 1721.65, but on condition of continuing below the level of point 1746.40.
On the other hand, the expected trading range for today is between the support point 1720.00 and the resistance point 1760.00, and the expected general trend during the day is bearish.
