It rose in the European market during trading on Tuesday, completing its winning streak for the sixth consecutive day to trade above the $1,700 point per ounce.
In conjunction with the decline against the basket of other major and minor currencies.
This is due to the decline in the US bond market, in addition to the possibility of the Federal Reserve Board withdrawing from raising interest rates at a higher pace during the coming period.
Accordingly, safe haven prices rose during today’s trading by 0.7%, recording a price of $1,712.34, compared to the opening level of $1,699.24 an ounce.
Yesterday’s prices rose by 2.35%, recording the fifth consecutive daily gain.
On the other hand, the dollar index fell today by more than 0.5%, deepening its losses for the second consecutive session, which reflects largely on gold prices by virtue of the inverse relationship between them.
Accordingly, the trading range for the day is between the support 1680.00 and the resistance 1720.00.
According to my personal opinion, the expected trend during the day is bullish.