Gold price today (January 29)
Hello dear friends! Today, gold continues its downward trend.
It can be seen that the recent actions of the Fed have been less accommodating, indicating that interest rates may continue to rise and the USD will become even stronger. This will be unfavorable for the gold market.
Therefore, it is not surprising that we are quite optimistic that gold will not have any new breakthroughs from this downward trend, and the 2020 USD support level needs to be observed more closely. The EMA signal, along with the downward trend, further reinforces the decline of gold. The price target reaching the 1980 USD area continues to be emphasized.
It can be seen that the recent actions of the Fed have been less accommodating, indicating that interest rates may continue to rise and the USD will become even stronger. This will be unfavorable for the gold market.
Therefore, it is not surprising that we are quite optimistic that gold will not have any new breakthroughs from this downward trend, and the 2020 USD support level needs to be observed more closely. The EMA signal, along with the downward trend, further reinforces the decline of gold. The price target reaching the 1980 USD area continues to be emphasized.
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