Gold Extends Losses Below $1,800 as US Dollar Rebounds
FXStreet, London – Gold prices are extending losses on Friday, trading below the key $1,800 level as the US dollar rebounds.
At the time of writing, gold is trading at $1,795, down 0.5% on the day. The precious metal has been under pressure this week as the US dollar has strengthened on the back of hawkish comments from Federal Reserve officials.
On Thursday, Fed Governor Christopher Waller said that the central bank is “still a long way” from achieving its inflation target and that he expects interest rates to remain higher for longer. This has boosted the US dollar and weighed on gold, which is seen as a safe-haven asset.
Technical analysis suggests that gold could continue to fall in the short term. The precious metal has broken below a key support level at $1,800 and is now trading below its 200-day moving average. This indicates that the trend is now bearish and that further losses could be on the cards.
However, it is important to note that gold is a volatile asset and can be subject to sharp reversals. Therefore, it is important to trade with caution and to have a sound risk management strategy in place.
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