It grew in the European market during trading on Tuesday, completing its winning streak for the sixth consecutive day, trading in excess of $ 1,700 points per ounce.
Coinciding with the decline against the basket of other major and minor currencies.
This is due to the decline in the US bond market, as well as the possibility that the Federal Reserve Board will withdraw from raising interest rates in the coming period.
As a result, safe haven prices rose 0.7% during trading today, posting a price of $ 1,712.34, compared to the opening level of $ 1,699.24 per ounce.
Yesterday’s prices rose 2.35%, recording the fifth consecutive daily increase.
Conversely, the dollar index fell more than 0.5% today, compounding its losses for the second consecutive session, which is largely reflected in gold prices by virtue of the inverse relationship between them.
As a result, the trading range for the day is between the support of 1680.00 and resistance of 1720.00.
In my personal opinion, the expected trend during the day is bullish.
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