GOLD - Downtrend is still there
At the beginning of the week, the price of gold dropped to the lowest it's been in two months. This was due to the easing of concerns around the US debt ceiling and the increase in US yields.
The real yield, which is calculated by subtracting the market rate of inflation from the nominal yield, also contributed to the weakening of gold.
The US Dollar has been steadily rising towards the end of the year and the direction of the DXY Index could determine the next move of the precious metal. Despite this, the volatility of gold has decreased, which suggests that the market is content with current prices.
If the 1930 level is broken, there could be a pullback. However, if these levels are maintained, it could indicate that the overall rally will continue. The price action in the next few sessions will provide clues to the medium-term direction.
Please wait for until Gold returns to the 1955 - 1960 price range, and we will set up a SELL order at this price range.
The real yield, which is calculated by subtracting the market rate of inflation from the nominal yield, also contributed to the weakening of gold.
The US Dollar has been steadily rising towards the end of the year and the direction of the DXY Index could determine the next move of the precious metal. Despite this, the volatility of gold has decreased, which suggests that the market is content with current prices.
If the 1930 level is broken, there could be a pullback. However, if these levels are maintained, it could indicate that the overall rally will continue. The price action in the next few sessions will provide clues to the medium-term direction.
Please wait for until Gold returns to the 1955 - 1960 price range, and we will set up a SELL order at this price range.
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