With most of the markets heading towards the assumption that gold will witness a strong decline due to the tightening of the US Federal Reserve in raising interest rates, Luke Alexander, CEO of gold mining company “Newcore Gold Ltd. The Fed has put downward pressure on the price of gold, but gold will eventually explode.”
The markets continue in narrow-range trading, awaiting the US Federal Reserve’s decision on interest, as the markets price the expected interest at 75 basis points, while there is a small sector of the markets that rates interest by a full basis point, but the most important thing that occupies the markets and puts pressure on trading assets is clearly the rise in the yield on bonds For two years to record levels for those we test since before the financial crisis in 2008, so most of the trading assets remain under pressure. Solar or other alternative energy, Wall Street’s major indexes closed higher on Monday after a volatile session, as investors awaited the rate of interest rate hike by the Federal Reserve this week.
The price of the pound against the US dollar fell to low levels that the exchange rate of the pound has not reached in more than two years, specifically in March of the year 2020.
Despite the price reaching strong support levels, it rebounded strongly from it previously, but the negativity is still clear on the pair.
This large negativity is canceled by stability above the new resistance levels at 1.1425. Therefore, these levels are considered pivotal, either the large negativity will remain and the decline will continue, or an upward correction towards resistance levels will begin.