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Gold price today: Suddenly decreased
Gold OANDA:XAUUSD
Dorian_Ashford
As the trading session came to a close, spot gold prices plunged by $27, bringing each ounce to $2,484. At one point during the session, gold even dipped to $2,470. Just two days earlier, the precious metal had hit a new peak at $2,531.
The market's decline was fueled by investors cashing in profits ahead of a pivotal conference hosted by the U.S. Federal Reserve, gathering central bank leaders from around the world. Fed Chair Jerome Powell is set to deliver a keynote speech on the morning of August 23rd, which could offer insights into the scale of potential interest rate cuts in September.
From a technical perspective, analysts at Kitco suggest that gold prices may continue their upward trajectory in the short term. The current resistance level stands at $2,550, while the support level hovers around $2,450.
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