Gold price today: Gold suddenly turned around

Hello dear traders! It's great to meet you all again to explore and discuss the market today!
Currently, the price of gold has experienced a slight decrease compared to the previous trading session after reaching a peak of $1,952.79 per ounce, which was the highest level this month, and then dropping down to $1,936 per ounce.
Gold is expected to undergo significant changes in response to the upcoming monetary policy meeting of the Federal Reserve on September 19-20. We hope that gold prices will continue to receive strong support.

Wishing you successful and fruitful trading endeavors.

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Gold's future will depend on what happens to interest rates ahead of the FOMC meeting in September.

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The US market is closed for Labor Day, so there is not much information affecting gold trading

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Daniel Pavilonis, senior commodities broker at RJO Futures, said that gold will only increase in the short term. Precious metals will still be under a lot of pressure in the short term as some economic data remains relatively strong.

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Despite significantly easing the Fed's hawkish bets, the US Dollar remains resilient as fears of a recession in the US have eased.

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It can be observed that last night, the US dollar had a hot session which put pressure on gold prices, causing them to reach their lowest level in a week.