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The Price of Gold XAU/USD Shows Strongest Fall in Almost 2 Years
On Monday, the price of gold fell from USD 2,386 to USD 2,333 per ounce — this is the strongest drop in one day in almost 2 years, according to Bloomberg. On Tuesday morning in the Asian session, the price continued to decline, reaching USD 2,300 per ounce.
This happened against the backdrop of:
→ easing tensions in the Middle East. According to Tehran's official statement, Israel received "the necessary response at this stage."
→ signs that the Federal Reserve will keep rates high for longer.
One of the reasons for the intensification of sales can also be considered the desire to take profits by those who held long positions — we wrote about this in the post “The price of gold XAU/USD has reached an important resistance zone” on April 16.
Nevertheless, the gold market continues to remain in an upward trend — since the beginning of the year, its price has increased by 11.5%.
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG
Disclaimer: This article represents the opinion of the FXOpen INT company only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the the FXOpen INT, nor is it to be considered financial advice.
On Monday, the price of gold fell from USD 2,386 to USD 2,333 per ounce — this is the strongest drop in one day in almost 2 years, according to Bloomberg. On Tuesday morning in the Asian session, the price continued to decline, reaching USD 2,300 per ounce.
This happened against the backdrop of:
→ easing tensions in the Middle East. According to Tehran's official statement, Israel received "the necessary response at this stage."
→ signs that the Federal Reserve will keep rates high for longer.
One of the reasons for the intensification of sales can also be considered the desire to take profits by those who held long positions — we wrote about this in the post “The price of gold XAU/USD has reached an important resistance zone” on April 16.
Nevertheless, the gold market continues to remain in an upward trend — since the beginning of the year, its price has increased by 11.5%.
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG
Disclaimer: This article represents the opinion of the FXOpen INT company only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the the FXOpen INT, nor is it to be considered financial advice.