GOLD: A strong US dollar indicates a drop in the XAU/USD.

27 feb 2023

As predicted in our previous idea, the XAU/USD is in a bearish trend with short pressure continuing. The gold price (XAU/USD) is still at its lowest level in two months, having fallen for five days in a row and printing a four-week low. Nonetheless, the yellow metal begins the week on the back foot, around $1,810, as bears cheer the strong US Dollar amid upbeat US economic data. Among the US data, the Federal Reserve's (Fed's) preferred inflation gauge offered a major blow to the XAU/USD price.