Good day to all traders. Today, we will delve into the current state of the market. Analyzing the 1-day chart, it becomes evident that gold is currently experiencing a significant downward trend and is being traded at a value of $1871. Although there may be minor fluctuations in the short term, overall, sellers are persistently contributing to the likelihood of gold's continued decline in the foreseeable future.
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Gold would need to see a weaker dollar and bond yields rise back above $1,900, which “could require a particularly weak set of inflation figures and for the Fed's hawkish bets to is narrowed down. But right now that seems unlikely.
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good luck everyone
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High inflation forced the US Federal Reserve (Fed) to maintain a tough monetary policy longer than expected. This will continue to support rising bond yields and a stronger USD.
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