On November 11th, decades of inflation in the United States have driven gold prices to rise sharply, breaking through the key resistance level of $1834. It soared to the highest level since June 16 and then fell sharply to $1,853 per ounce.
Although the U.S. dollar has strengthened again. But the price of gold still rose sharply, because soaring inflation has enhanced the attractiveness of gold as an inflation hedge.
In the case of a weak market during the holiday season, the price of gold is making a slight correction after the recent surge. However, the suspension of the dollar’s rebound trend limited the fall of gold prices.
In the near term, after the US inflation data and during the US Veterans Day holiday, the gold price trend may still be limited. Will stay within the familiar price range.