Gold prices today are declining from their highest levels in two weeks

Today, Thursday, gold prices witnessed a decline from its highest levels in two weeks, and the precious metal decreased to approximately 3,300 dollars an ounce during European trading, after it reached earlier in the session the level of $ 3,345.
This decline comes with the recovery of the US dollar index, which pressed the yellow metal, which is affected by a counter -relationship with the dollar.
According to the market indicators, the US dollar index (DXY) increased by 0.15% to 99.85, wearing from its lowest levels at 99.35, making the price of gold against the dollar more expensive for international investors, and leads to a decline in demand for metal.

American debt crisis

Despite this decline, price expectations still indicate the continued emerging trend in the short term, in light of the escalating anxiety about the increasing American financial deficit, which pushes investors towards safe havens such as gold.
These concerns were strengthened after the approval of the US House of Representatives Committee approved the tax law submitted by former President Donald Trump, which is expected to raise the national debt by more than $ 3.8 trillion within ten years, according to the budget office in.

Technical gold analysis

According to artistic gold analysis, the price faces resistance at the level of $ 3,335, which is the rising trend line from December, while the price maintains its positive momentum by trading above the Si -moving average for 20 days at 3,268 dollars.
The RSI index moves in a range of 40-60, which reflects a frequency in the direction of the market, but breaking the resistance may pay the price about $ 3,440, while $ 3,120 represents a major support level in the event of a greater decline.