Gold price continues to decrease from 1935 USD
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Early this morning, the price of gold continued to decline by 10.6 USD to reach 1,915.2 USD/ounce, and there are still few signs indicating that the downward trend is cooling off.
Gold has been heavily influenced by the rise of the US dollar and increasing bond yields. The yield on US Treasury bonds has reached its highest level in many years, which raises the opportunity cost of holding non-interest-bearing assets like gold.
In the short term, the hawkish stance of the Federal Reserve at its recent monetary policy meeting will continue to act as a catalyst for higher bond yields and a stronger US dollar, exerting significant pressure on precious metals. There is a possibility that gold will retest the price level of 1,910 USD before any new upward or downward movements occur.
Early this morning, the price of gold continued to decline by 10.6 USD to reach 1,915.2 USD/ounce, and there are still few signs indicating that the downward trend is cooling off.
Gold has been heavily influenced by the rise of the US dollar and increasing bond yields. The yield on US Treasury bonds has reached its highest level in many years, which raises the opportunity cost of holding non-interest-bearing assets like gold.
In the short term, the hawkish stance of the Federal Reserve at its recent monetary policy meeting will continue to act as a catalyst for higher bond yields and a stronger US dollar, exerting significant pressure on precious metals. There is a possibility that gold will retest the price level of 1,910 USD before any new upward or downward movements occur.
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good luck everyone <3
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Last week, the FED kept interest rates unchanged at 5.25% - 5.5% but still maintained the view that interest rates will increase by 0.25 percentage points by the end of 2023.
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The aforementioned fundamental backdrop suggests that the path of least resistance for the Gold price remains on the downside
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