In light of the expectations that the Federal Reserve will raise the interest rate during the meeting of the Federal Open Market Committee during the current week to 75 points,
And with the continuation of inflationary pressures that surround the horizon, with a rise against the basket of major and minor currencies.
And compensating for some of its losses during the past week, it recorded during today’s trading a point of 110.92, to rise by 0.2%.
We also note that the US rose during the opening of the financial markets by 4.039%.
All these events led to the incurring of the seventh monthly loss in a row, so that gold recorded a decline of 0.34% to be traded at a price of 1,637.18 compared to the opening price at 1644.66 dollars per ounce.
On the other hand, it lost 1.15% on Friday, recording the second consecutive daily loss, supported by the increase in purchases on the dollar as the best investment available at the present time.
According to my personal opinion, the expected tendency for gold prices is bearish, and breaking the 1635.00 point will increase the negative pressure on it towards the 1615.00 support point.
But on the other hand, his ability to break the resistance point 1660.00, that will stop the negative pressure and lead gold prices to recover again.
