Will #Gold prices remain bearish?
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The price of Gold could remain bearish as the price breaks and holds below the $1800.00. The recent renomination of Fed Chairman Jerome Powell we have seen a sell off in the price of Gold. This could be because the chairman is more likely to hike rates in line with the current market environment. Gold is usually bullish as a hedge against inflation however, if the Fed are now more likely to take action we could see the Gold price move lower in the short term.
The price is currently trading below the major level however today’s price action suggests that sellers could be losing momentum in the near term. This may offer a long opportunity back up the previous resistance level at $1808.00. This is where we could see sellers re enter the market on a lower high in line with the market conditions.
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