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Gold Analysis: Strong Dollar Pressures Gold... Will the Decline Continue?
Despite the Federal Reserve's decision to keep interest rates unchanged, its hawkish tone and keeping the door open for additional monetary policy tightening bolstered the strength of the dollar and weighed heavily on gold. According to top gold trading platforms, we witnessed strong selling pressure that pushed prices down to the support level of $4,220 per ounce. This wiped out the gains from the bullish rebound seen ahead of the bank's announcement, when the price of the yellow metal had climbed to the resistance level of $4,382 per ounce amid improving sentiment following the recent US-Iranian agreement.
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- Jun 18, 10:15am | 2 hr 35 min ago Posted byTechnical Analysis68
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