Trump's positive remarks have become a killer for gold, but analysts say the rally is still expected
during the Asian session, spot gold continued to decline, with the decline widening to 2% at one point. The reason is that Trump has abandoned the threat of firing Federal Reserve Chairman Powell and expressed optimism about reaching a trade agreement with China, weakening the safe-haven appeal of gold. Kelvin Wong, senior market analyst at Anday Asia Pacific, said: "In the short term, the above factors have led to the selling of gold prices, pushing them to an extremely extreme oversold level. However, looking at the resistance level above, there are currently no signs of weakness in the bulls, so gold prices still have the potential to rise."
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Bitget donates HK$12 million to support fire rescue and reconstruction efforts in Tai Po, Hong Kong
Bitget Spot Margin Announcement on Suspension of ELX/USDT Margin Trading Services
Enjoy perks for new grid traders and receive dual rewards totaling 150 USDT
Bitget Spot Margin Announcement on Suspension of BEAM/USDT, ZEREBRO/USDT, AVAIL/USDT, HIPPO/USDT, ORBS/USDT Margin Trading Services
