Gold continues to search for new bottoms
Let's explore the price of gold with AD!
Today, the price of gold continues to maintain its downward trend, trading around $1876 per ounce. The US dollar continues to strengthen against many other currencies. Gold prices are facing downward pressure due to the US and European stock markets extending their decline as concerns grow that central banks will maintain higher interest rates for a longer period, potentially increasing the risk of an economic recession. At the same time, the yield on 10-year US Treasury bonds has reached 4.59% per year - the highest level in over 15 years - while yields on 2-year Treasury bonds have surged to 5.11% per year. As a result, financial investors are focusing on buying bonds for profit-making purposes, resulting in limited inflows into precious metals such as gold. Consequently, global gold prices today are facing additional downside pressure.
From a technical perspective:
Upon careful observation, we can see that gold is forming a DOW pattern and its next target may be $1861 before rebounding due to the possibility of a potential government shutdown at the end of this week which is weighing on market sentiment and could slow down USD's upward momentum.
In addition to this, China has received some positive news including an increase in industrial production index for August which marks its first rise since...
Today, the price of gold continues to maintain its downward trend, trading around $1876 per ounce. The US dollar continues to strengthen against many other currencies. Gold prices are facing downward pressure due to the US and European stock markets extending their decline as concerns grow that central banks will maintain higher interest rates for a longer period, potentially increasing the risk of an economic recession. At the same time, the yield on 10-year US Treasury bonds has reached 4.59% per year - the highest level in over 15 years - while yields on 2-year Treasury bonds have surged to 5.11% per year. As a result, financial investors are focusing on buying bonds for profit-making purposes, resulting in limited inflows into precious metals such as gold. Consequently, global gold prices today are facing additional downside pressure.
From a technical perspective:
Upon careful observation, we can see that gold is forming a DOW pattern and its next target may be $1861 before rebounding due to the possibility of a potential government shutdown at the end of this week which is weighing on market sentiment and could slow down USD's upward momentum.
In addition to this, China has received some positive news including an increase in industrial production index for August which marks its first rise since...
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Gold has fallen to target
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In the short term, gold will continue to increase
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