Gold price drop is a good opportunity to buy?
World gold prices stand at $1,947, a $10 decrease from yesterday morning. The question now is what will cause gold to break out of the trading range between $1,940 and $1,980, as last week's economic events failed to meet expectations.
The recovery of the USD has put pressure on gold. This morning, the US Dollar Index, which measures the fluctuation of the greenback against six major currencies, increased by 0.23%, diminishing the appeal of gold to buyers holding other currencies.
However, the gold market didn't stay down for long, returning to the previous trading range of $30 by the end of the week. Analysts note that the price action indicates continued interest in gold, but investors are adopting more strategies as they build positions.
The recovery of the USD has put pressure on gold. This morning, the US Dollar Index, which measures the fluctuation of the greenback against six major currencies, increased by 0.23%, diminishing the appeal of gold to buyers holding other currencies.
However, the gold market didn't stay down for long, returning to the previous trading range of $30 by the end of the week. Analysts note that the price action indicates continued interest in gold, but investors are adopting more strategies as they build positions.
