Market Analysis: Gold Drops to 3-Month Low
FXOpen
Yesterday, a forum of heads of central banks was held, organized by the ECB, with speeches by Lagarde, Powell, Ueda, Bailey. In general (with the exception of Japan), according to bankers, they intend to maintain a tight monetary policy, not excluding new increases in interest rates, and plan that inflation will continue to decline.
Against the background of this information, the price of gold in dollars fell — perhaps because forecasts for lower inflation, according to market participants, reduce the value of gold as a "rescue" asset.
The XAU/USD price chart shows that it has made a bearish breakout of the ascending channel that has been in place since last fall and is approaching the psychological level of USD 1,900 per ounce. A rebound can be expected from this level — for example, to the resistance of 1,935 USD per ounce, which was still a pronounced support in early May.
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