The gold price had to set a clear setback last week. The bears are currently threatening to attack the $ 1,700 mark. This brings the important support with the June low of $ 1,671 back into the focus of the market. In addition, silver was also weak. The silver price fell below the support at $ 17.20 and was struck on the chart.
Gold is still in the process
Gold is therefore still in the process of consolidation. The bulls were unable to take advantage of the momentum that followed the decision of the US Federal Reserve. Despite the weakness, the bulls can ideally defend the $ 1,671 mark to prevent a slide towards $ 1,630. Even if the dynamics of today’s downward movement startle some investors, this is not uncommon for gold. And we still see nothing more than a consolidation in the upward trend. This is no reason to simply throw away your gold – or forget it, as obviously a gold owner in Switzerland did. With reference to the Swiss news agency Keystone-SDA, dpa reports that a gold owner forgot a package with gold worth 170,000 euros on a Swiss train. However, the incident did not just happen now, but already in October last year. However, the owner has not yet reported – but the gold price has not developed so badly in the past few months that one could do without the precious metal.