Spot Gold is down on Tuesday, piercing the $2,000 key psychological support during the US session. Market players continued buying the US Dollar after Wall Street’s opening and following a string of United States (US) data.
As we can see on daily chart, Gold fell by almost 30$ to 1989$ this morning and entering into another support at 1971$. Last time Gold traded below 1971 was back in April 2023.
On 4hr chart, we can see Gold has been trading within the 70$ range since Early April until today. Traders are all waiting to see how Gold reacts when it gets closer to the 1971$ mark.
if it breaks 1971$, it will open up another downward 20$ space. Lets follow up in the following days!.
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