XAU plummeted. SPDR fund discharged more than 4 tons of Gold.
⚡️Gold prices fell to a more than one-month low amid sustained USD buying and bets on Fed interest rate hikes.
⚡️Gold price drifts lower for the third straight day and drops to over a one-month trough.
The Fed’s hawkish stance continues to underpin the USD and weigh on the commodity.
A weaker risk tone fails to benefit the safe-haven XAU/USD or provide respite to bulls.
⚡️The US Dollar (USD) prolongs its steady uptrend and climbs a fresh 10-month peak in the wake of the Federal Reserve's (Fed) hawkish signal that rates will remain higher for longer, which, in turn, is seen weighing on the Gold price. Furthermore, the recent comments by Fed officials lifted bets for at least one more rate hike by the end of this year. This pushed the yield on the benchmark 10-year US government bond to its highest level since 2007, which continues to underpin the USD and drive flows away from the non-yielding yellow metal.
⚡️Even the prevalent risk-off environment does little to lend any support to the safe-haven Gold price. Data released from the United States (US) on Tuesday showed that the Conference Board's Consumer Confidence Index fell to a four-month low in September. This fueled concerns that consumers are feeling the pressure from the persistent high inflation and rising interest rates. Apart from this, worries about a real estate crisis in China – the world's second-largest economy – tempers investors' appetite for perceived riskier assets.
⚡️Gold price drifts lower for the third straight day and drops to over a one-month trough.
The Fed’s hawkish stance continues to underpin the USD and weigh on the commodity.
A weaker risk tone fails to benefit the safe-haven XAU/USD or provide respite to bulls.
⚡️The US Dollar (USD) prolongs its steady uptrend and climbs a fresh 10-month peak in the wake of the Federal Reserve's (Fed) hawkish signal that rates will remain higher for longer, which, in turn, is seen weighing on the Gold price. Furthermore, the recent comments by Fed officials lifted bets for at least one more rate hike by the end of this year. This pushed the yield on the benchmark 10-year US government bond to its highest level since 2007, which continues to underpin the USD and drive flows away from the non-yielding yellow metal.
⚡️Even the prevalent risk-off environment does little to lend any support to the safe-haven Gold price. Data released from the United States (US) on Tuesday showed that the Conference Board's Consumer Confidence Index fell to a four-month low in September. This fueled concerns that consumers are feeling the pressure from the persistent high inflation and rising interest rates. Apart from this, worries about a real estate crisis in China – the world's second-largest economy – tempers investors' appetite for perceived riskier assets.
Note
Note
⚡️Gold has broken all analysis, broken all market structure, continuing its downtrend, falling freely, falling below the 188x area.Note
⚡️Gold price (XAU/USD) remains under selling pressure during the early European session on Thursday. The downtick of the precious metal is supported by the stronger US Dollar (USD) and higher Treasury yields. Gold price currently trades around $1,876
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.