Gold Technical Analysis: Heading Towards Buying Levels

  • Gold futures continued their longest losing streak since July, as the rise of the US dollar led to the decline of the yellow metal at the beginning of this week’s trading.
  • The price of XAU/USD fell to the support level of $ 1728 an ounce, the lowest for the price of gold in nearly a month.
  • Investors had been expecting more hawkish comments from the Federal Reserve, reducing the prospects for a slowdown in tightening efforts.
  • The price of the precious metal is retreating from a weekly loss of 2%, which adds to its performance since the beginning of the year 2022 to date by about -4.5%.

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