GOLD → Under strong pressure from the rise of the USD
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World gold price stood at 1,915 USD/ounce, down 9 USD/ounce compared to the same hour yesterday morning. Gold prices are under strong pressure due to the rise of the USD and rising bond yields. Rising US Treasury yields hit multi-year highs, increasing the opportunity cost of holding non-yielding assets like gold, while the US Dollar Index hit a new high in 6.5 months reduces the attractiveness of this precious metal to buyers holding other currencies.
Gold is in a consolidation phase after prices failed to sustain above 1,930 USD/ounce last week. In addition, this expert also added that bullion could be further pressured towards the psychologically important level of 1,900 USD/ounce, if the Fed raises interest rates. However, looking at the long term, the optimistic view on gold is still maintained. In its recent outlook report, France's Société Générale Bank said that it still maintains a positive view on precious metals. SocGen remains optimistic that prices can return to 2,000 USD/ounce.
Gold is in a consolidation phase after prices failed to sustain above 1,930 USD/ounce last week. In addition, this expert also added that bullion could be further pressured towards the psychologically important level of 1,900 USD/ounce, if the Fed raises interest rates. However, looking at the long term, the optimistic view on gold is still maintained. In its recent outlook report, France's Société Générale Bank said that it still maintains a positive view on precious metals. SocGen remains optimistic that prices can return to 2,000 USD/ounce.
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🕯 BUY GOLD | 1912 - 1910🔴 SL: 1906
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Gold is in a consolidation phase after prices failed to sustain above $1,930/ounce last week. In addition, this expert also added that bullion could be further pressured towards the important psychological level of 1,900 USD/ounce, if the Fed raises interest rates.Not
After the FOMC event, FED data clearly shows that DXY is very healthySo the time after that GOLD decreased + Stock decreased because the money flow moved to DXY so its decline was high.
Money is King, USD is King
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Initial resistance is expected to be around 1,850 USD/ounce. The perception that higher inflation means higher interest rates makes non-interest-bearing metals somewhat worse off. If as predicted, gold will slide to 1,840 USD/ounce.Not
Gold prices have seen a difficult week as a recovery in the US dollar and rising US bond yields have had a negative impact on the market.Although gold is facing many difficulties, Kitco News's latest weekly gold survey shows that most market analysts are optimistic that this precious metal will recover in the near future.
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🕯 BUY GOLD | 1837 - 1840🔴 SL: 1832
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It is possible that gold will reverse this week and the driving force for gold's increase is that the USD has peaked and begun to decline, the precious metal will soon bottom. Falling core inflation helps stabilize US interest rates and the decline in the USD will support the precious metal. Gold needs to return to 1,885 USD/ounce for technical stability and 1,892 USD/ounce to strengthen market confidence.
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