A fall in gold prices during today’s trading, global financial markets opening, thus continuing its losing streak for a fourth day in a row, under pressure from the US dollar’s rally against the rest of the major and other minor currencies .
This came after recent statements by Federal Reserve members about the possibility of raising interest rates for the fifth consecutive time by 75 points during the month of December.
As a result, it recorded an overnight decline of 0.6%, to trade at a price of $1,740.58, compared to the opening price of trading at $1,750.70.
On the other hand, gold prices fell 0.5% on Friday, posting the third consecutive daily loss, as US dollar levels recovered in the foreign exchange market.
It rallied more than 0.6% on Monday, extending its gains for the third consecutive day to hit a two-week high at 107.63 points on increased buying on the dollar as the best investment available.
In terms of technical analysis, breaking the 1746.40 point and holding it below will reinforce the continuation of the downtrend during today’s trading towards the 1721.65 point, but provided that it continues below the 1746.40 point level.
On the other hand, the expected trading range for today is between the support point 1720.00 and the resistance point 1760.00, and the overall trend expected during the day is bearish.
