Gold Falls to a Two-Month Low as Dollar Surges Towards 20-Year High
Gold fell to a more than two-month low on Wednesday as the dollar soared, nearing heights not seen in two decades. The greenback had been fueled by expectations that U.S central bank will be aggressive in terms of monetary policy tightening.
The yellow metal has been trading low for 6 consecutive days now, hitting all the sell goals as far as lowest support for this week at 1875. Today’s gold chart shows that it will likely to continue to tumble down with a sell range between 1,891 to 1,896, but will find a support at the levels of 1,870 and 1,865. Although it has somehow rebounded at around 5:40 AM GMT, it is likely that the bears will reign and take charge for the rest of the day. If the trend reverses, it will find its first resistance at 1,904 level, followed by its second resistance at 1,912.