The price of gold fell due to the following reasons
Gold prices have started the week with a slight drop after the market turned into uncertainty. Geopolitical concerns increased over the weekend as rumors of a short-term uprising in Moscow emerged. Despite an agreement to end this imaginary coup, the boss of Russia's Wagner special forces group, just two days after leading the unsuccessful rebellion, announced on Monday that he has no intent to overthrow the government, according to Reuters. Along the lines of this event, Russian President Vladimir Putin thanked the Wagner fighters who withdrew. With this, the easing of geopolitical tensions around Russia seems to have caused the XAU/USD traders to falter after a momentary support.
Elsewhere, China analysts have suggested imposing faster and stronger stimulus measures to insulate the economy from recession. This corresponds to Beijing's earlier willingness to implement fiscal measures to boost spending, thereby setting a level of support for gold prices. However, global rating agency S&P has revised its forecast for China's 2023 domestic product (GDP) growth to 5.2% from its previous estimate of 5.5%. In the same situation, there are concerns about the suspension of investment by large investors in China. With this, gold prices continue to be under pressure from bad news as China is one of the world's largest gold consumers.
GOLD BUY 1920 - 1917 💯💯
✅ TP1 1925
✅ TP2 1930
✅ TP3 1935
🛑 SL 1914
Elsewhere, China analysts have suggested imposing faster and stronger stimulus measures to insulate the economy from recession. This corresponds to Beijing's earlier willingness to implement fiscal measures to boost spending, thereby setting a level of support for gold prices. However, global rating agency S&P has revised its forecast for China's 2023 domestic product (GDP) growth to 5.2% from its previous estimate of 5.5%. In the same situation, there are concerns about the suspension of investment by large investors in China. With this, gold prices continue to be under pressure from bad news as China is one of the world's largest gold consumers.
GOLD BUY 1920 - 1917 💯💯✅ TP1 1925
✅ TP2 1930
✅ TP3 1935
🛑 SL 1914
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