Gold Below 2000 USD 🧨

5:48 PM 8 December 2023

🎫 Strong Dollar Drives Decline in Precious Metals

Gold prices (GOLD) are falling during today's session by nearly 1.5%, dropping below the 2000 dollar per ounce barrier due to a stronger-than-expected non-farm employment data report in the U.S. As a result of a significant drop in the unemployment rate, the U.S. dollar gained in value against other currencies, which directly put pressure on the prices of precious metals. Besides gold losing 1.5%, silver (SILVER) also records considerable intraday losses of over 3.29%.

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Technically, looking at the chart, we can notice exceptionally high volatility in gold. The prices reached a historic high at the beginning of this week, gaining 5% to the level of 2143 USD per ounce. On the same day, the price of gold was knocked down below 2100 dollars. Over the following days, we observe the continuation of this movement, and today gold falls below another key threshold of 2000 USD. From the peak, gold has lost nearly 7% in four trading days. The first test for the current downward movement may be the level of 1980 USD. Otherwise, bulls might also try to defend the 2000 USD level at the daily candle's close. Source: xStation 5

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