Weekend gold analysis
Updated
Hello dear friends!
Currently, gold continues to show positive growth with prices reaching a high of $1886, the highest in two weeks.
This upward trend is driven by increasing expectations of higher interest rates from the Federal Reserve. This data further strengthens the likelihood of the Fed tightening monetary policy. As a result, US Treasury bond yields surged overnight, leading to a significant recovery of the US Dollar (USD) due to short positions being covered. This USD recovery is seen as a crucial factor putting downward pressure on gold prices.
However, the downtrend established from the peak of $2050 on the 1D chart has yet to be broken. With this downward momentum, gold may still continue to rise during this phase, with a potential increase to $1912 before the threat of a price decline is reassessed.
Currently, gold continues to show positive growth with prices reaching a high of $1886, the highest in two weeks.
This upward trend is driven by increasing expectations of higher interest rates from the Federal Reserve. This data further strengthens the likelihood of the Fed tightening monetary policy. As a result, US Treasury bond yields surged overnight, leading to a significant recovery of the US Dollar (USD) due to short positions being covered. This USD recovery is seen as a crucial factor putting downward pressure on gold prices.
However, the downtrend established from the peak of $2050 on the 1D chart has yet to be broken. With this downward momentum, gold may still continue to rise during this phase, with a potential increase to $1912 before the threat of a price decline is reassessed.
Note
Despite the sharp increase, but gold price is still difficult to break through, exceeding the threshold of USD 2,000/ounce in the near future.Order cancelled
The price is still in the downtrend, although it broke its resistance yesterday.Note
Increasing more than 100 USD/ounce, of which the weekend session 14-10 increased to more than 60 USD, is the strongest increase since March.Note
Note
Note
Related publications
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.