Gold recovered after a deep decline
Uncertainty about the timing of the Fed's interest rate cut continues to pressure gold prices
After a sharp decline on January 18, gold prices have recovered to above the 50-day SMA, a good sign for the precious metal. With the current upward momentum of the USD, gold will not be able to have a breakthrough as the market is still skeptical about the Fed's ability to cut interest rates. In the long term, gold is supported when central banks are almost certain to cut interest rates and geopolitical tensions are escalating. Currently, the price of gold has reached $2,023.
After a sharp decline on January 18, gold prices have recovered to above the 50-day SMA, a good sign for the precious metal. With the current upward momentum of the USD, gold will not be able to have a breakthrough as the market is still skeptical about the Fed's ability to cut interest rates. In the long term, gold is supported when central banks are almost certain to cut interest rates and geopolitical tensions are escalating. Currently, the price of gold has reached $2,023.
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