GOLD: The Gold Market Saw a Slight Pullback
Hello everyone! Today i want to share some macro analysis with you!
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On Tuesday (October 20), the gold market saw a slight pullback, with the price of gold closing down 0.37% at $4,125.08 per ounce, having dipped as low as $4,111.58 during the session, while December gold futures closed down 0.4% at $4,142.60. $XAU/USD(XAUUSD.FOREX)$$Gold - main 2612(GCmain)$
Although a weaker U.S. Dollar Index briefly pushed gold prices up to around $4,155, all gains were erased by the end of the session, indicating that investor caution ahead of the Federal Reserve’s policy meeting next week is dominating the market.
Current gold prices have retreated approximately 26% from the all-time high of $5,594.82 set in January and are also about 22% below the levels seen at the onset of the Iran conflict, placing the market at a critical juncture where sentiment and technical factors intersect.
On Wednesday (October 21) during Asian trading hours, spot gold remained under pressure, currently trading near $4,119.
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