Gold finds bottom at low prices
Updated
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Today, gold continues its downward trend, touching a low of $1876 per ounce. The DXY index continues to rise, reaching a six-month high of 106.4 points. Meanwhile, US bond yields have reached their highest level in 16 years, putting pressure on this precious metal.
From a technical standpoint:
Upon careful observation, we can see that gold is forming a DOW pattern, with Fibonacci extensions indicating a target of $1863. We hope that this could be a significant milestone for gold's recovery, as China receives some positive news, including the first increase in industrial production in over a year. These factors may dampen the USD's strength and provide support for gold.
Today, gold continues its downward trend, touching a low of $1876 per ounce. The DXY index continues to rise, reaching a six-month high of 106.4 points. Meanwhile, US bond yields have reached their highest level in 16 years, putting pressure on this precious metal.
From a technical standpoint:
Upon careful observation, we can see that gold is forming a DOW pattern, with Fibonacci extensions indicating a target of $1863. We hope that this could be a significant milestone for gold's recovery, as China receives some positive news, including the first increase in industrial production in over a year. These factors may dampen the USD's strength and provide support for gold.
Note
good luckNote
As long as the narrative of higher long-term interest rates continues, it will continue to pressure precious metals, noted Ryan McKay, commodity strategist at TD Securities.Note
GOLD is falling as indicated, the outlook has been establishedNote
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