Gold Price Drops - Is it still a good time to buy gold?

Since March, the gold market has enjoyed a steady rise, increasing in value by almost 15% at the beginning of June. Since that gold has aggressively sold off, and is now nearing some of its lowest levels since the start of the pandemic, with how gold has treated throughout the past year, the current levels could see some interesting price action, and some traders are viewing the sell off as a buying opportunity if gold can manage a bounce like it did back in March when the yearly lows, say until the end of this video, we'll be uncovering the central developments using the latest price action view into the gold technical analysis towards the end.

After such a strong relative the sell off that has affected gold prices has been sudden and dramatic tingle back down below $1800 knows the critical level of psychological support turned resistance. Perhaps the biggest reason for the drop in value has been the resurgence of the US dollar, the greenback has made impressive advancements coming largely on the heels of a highly contagious, and very Coronavirus strain that has been sweeping through europe around valuation of the euro and therefore propelling confidence in the US Dollar as the dollar strengthens has the tendency to hurt bullion prices, which is often seen as an alternative to the dollar and strengthens when there's marketing anxiety and volatility. In addition to the developments in Europe, and the stronger US dollar.

Another factor that has come into play recently is that the Federal Reserve may be finally considering halting stimulus plans, and potentially raising interest rates after keeping them at near zero since the start of the pandemic. On Wednesday, June 16 Federal Reserve Chairman Jerome Powell stated that the Fed would begin discussion about scaling back bond purchases that were initiated to support the economy during the pandemic. In addition, the Federal Reserve reports to anticipate in the interest rate increases by the end of 2023, which is sooner than many expected. This comes after a buildup of higher than expected, optimism surrounding acceleration reopening and vaccinations within the United States, resulting in uptick in demand across the economy.

Let's now take a look into the gold technical analysis to get a better understanding of the newest levels of support and resistance, as well as potential price targets for gold, July 2020 Right, we are now in libertex tributyl looking at Gold and what should be noted is that in addition to the fundamental developments that are taking form to hurt the price of gold from the technical point of view, gold is causing a lot of anxiety as well for bullish traders, as it has now been taken below this $1800 level of support turned resistance. What's critical about this is that below this $1800 level. It is within the realm of possibility that further sell in can come into play as as the olders begin to panic and fear further increases in the short term. However, we should also be said about this is that taking a look back.

Gold has made significant recoveries at around these levels. After the double bottom that we experienced back in March, gold did rally to some of its highest levels for the year

Therefore begs the question, Is the market starting to see a buy zone for gold, and could these areas signify the bottom to start a healthy trade. So taking a look at the RSI, it is showing that gold is oversold, at the current zone. And looking back it has experienced gains from these levels. If this is an interesting place to open the trade. We should definitely be aware of the news levels of support and resistance to watch for. So in terms of support with where we are trading currently in the mid 1750 range. The nearest level is at 1755 points below from April 29. So if gold continues to plunge further. The next level of support to have your sights on is 1721 blowback from April 4, and this is broken. Gold may plummet to back to its march 31 low, below $1700 Now it's at 1677.

So on a more optimistic note should gold attract buying at the current levels, given the state of the market, and with what the RSI is showing gold will look to retest and consolidate beyond June, beyond the June, 18 high of 1798 and getting back beyond that $1800 An ounce level could prompt further price action to the upside. So following this if more steam can come into the markets, gold will have its sights set on 1870 before finding the strength to break past that $1900 level, and retest 1914 So there's still a decent amount of uncertainty in the gold market. But these developments from the Fed are not set in stone with where they are right now, the market may be panicking slightly, should this play out the gold recovery for July is within the realm of possibility.

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