The price of gold continues to plunge headlong into a deep hole
Today, gold prices traded near the support level of $2000 in the afternoon in the US, as investors continued to bet on the Federal Reserve cutting interest rates in March. The CME tool shows a 52% probability of this event happening, down from around 70% a few weeks ago.
In response to this news, the USD continued to strengthen and acted as a psychological arrow for investors, prompting them to sell gold massively, resulting in a sudden drop in gold prices.
On the analysis chart: Gold has surpassed the USD 2015 support level as we expected. With the current difficult situation, there is still a significant possibility of a decrease in gold prices. The target of $1982 is still on the table in the short term, with a short-term recovery possibly aiming for the Fibonacci 0.618 level before the bearish side takes action!
In response to this news, the USD continued to strengthen and acted as a psychological arrow for investors, prompting them to sell gold massively, resulting in a sudden drop in gold prices.
On the analysis chart: Gold has surpassed the USD 2015 support level as we expected. With the current difficult situation, there is still a significant possibility of a decrease in gold prices. The target of $1982 is still on the table in the short term, with a short-term recovery possibly aiming for the Fibonacci 0.618 level before the bearish side takes action!
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