Gold today continues to reverse and decrease in price

Dear friends, today gold continues to trend downwards as it approaches the resistance level of $2030. The "hawkish" stance of Fed Chairman Jerome Powell, given after last week's positive report on US employment and Q4 2023 GDP growth, indicates that the Fed is not rushing to lower interest rates in order to control inflation. With interest rates remaining high for an extended period, the cost of investment and storing gold increases, leading investors to sell off gold.

The price of gold may further decline if the US announces optimistic economic data and Europe releases its retail sales figures for December today.

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