Gold stabilized!

Gold stabilized!

Gold stabilized!

Gold stabilized!

Gold stabilized around $1,810 an ounce on Monday after hitting a five-month low of $1,784 in the previous session, but remains under pressure from a strong dollar and a broader decline in commodity prices. The first resistance will be $1832 on a further rise and first support will be $1799 on a decline.

Gold stabilized around $1,810 an ounce on Monday after hitting a five-month low of $1,784 in the previous session, but remains under pressure from a strong dollar and a broader decline in commodity prices. The dollar hovered near its highest level in two decades as the Federal Reserve led a global wave of aggressive interest rate hikes to combat rising prices. Last week, Fed policymakers cemented expectations for further monetary tightening, signaling another 75 basis point rate increase in July. Meanwhile, tighter financial conditions across major economies raised fears of a global recession, prompting a broad decline in commodity prices. The CRB Index reflected such economic fears, and is down more than 10% from its 2022 high.

GOLD – XAUUSD 

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