Gold price stucks in the same narrow range of trading. Central banks, investors and U.S. Dollar are all together, playing the most important role for gold price. We see a lot of fluctuate in gold market especially today, in which gold price moves ups and down so fast. But why?
The global market was waiting for the US data, and while the market was waiting fo it we watch a rise in gold price and hacked over the level of $1400 USD/ Ounce of gold, during the announcement we watch some technical buying process for gold, leads to the decline of gold price, depends on the USD.
Central banks had a plan to buy gold, especially from Russia, china and Turkey. this issue lead to a stability in gold price. Investors are waiting for the move of central banks to assure that gold price are going to rise. But what about today?
We watch the rise of gold price before the announcement, and the decline during the announcement, but now in the time of writing the article we watch a slight rise for gold price by 0.11% to reach the level of $1401.40 USD/Ounce of gold. But by the week data from USA , I expect from my own point view a decline in the USD and a rise in gold price.
We can say gold price will stay over the level of $1400 USD/Ounce, for the end of the session, and for sure we will watch a decline after this due to the gaining profit process, which will take place in the market.