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๐‘ท๐™ง๐’๐™™๐’–๐™˜๐’•: Superstar ๐™“๐‘จ๐™๐‘ผ๐™Ž๐‘ซ ๐‘ท๐™ง๐’†๐™™๐’Š๐™˜๐’•๐™ž๐’๐™ฃ: ๐‘ซ๐™š๐’„๐™ง๐’†๐™–๐’”๐™š ๐™๐’–๐™ฃ๐’…๐™–๐’Ž๐™š๐’๐™ฉ๐’‚๐™ก ๐˜ผ๐’๐™–๐’๐™ฎ๐’”๐™ž๐’”:ย  The price of gold dropped sharply by over $40, falling below $2380. This happened because the Federal Reserve's recent meeting notes had strong, strict language, which made the dollar stronger and gold prices drop. The meeting notes from April 30 to May 1 show that Federal Reserve officials are increasingly worried about inflation and don't feel confident about lowering interest rates. The strict tone of these meeting notes crushed hopes for a rate cut, causing gold prices to plunge. ย  ๐‘ป๐™š๐’„๐™๐’๐™ž๐’„๐™–๐’ ๐‘จ๐™ฃ๐’‚๐™ก๐’š๐™จ๐’Š๐™จ:ย  The RSI is pointing downwards, indicating that the momentum is turning negative. As sellersโ€™ step in, the buying pressure is weakening. The first support level for gold prices will be the May 13 low of $2332, followed by the May 8 low of $2303. If these levels are broken, the next target will be the 50-day SMA at $2284. However, if buyers push gold prices above $2400, it could rise again to test this year's high of $2450.

Edited 23 May 2024, 11:49

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