Daily Market Report
➢ Gold prices continue their downtrend for the fourth consecutive session, falling to a fresh year-to-date low, reflecting strong bearish sentiment in the market.
➢ The metal manages to bounce from the key 200-day Simple Moving Average (SMA), which acts as an important technical support level, helping limit deeper losses.
➢ Despite this rebound, any strong upside recovery looks difficult, as overall market conditions still favor sellers and rallies are likely to be sold into.
➢ A major factor pressuring gold is the hawkish stance from global central banks, which reduces demand for non-yielding assets like gold.
➢The Bank of England (BoE) signals a shift toward tighter monetary policy, with possible interest rate hikes expected soon due to inflation risks.
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