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.Note
good luck everyoneNote
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.Note
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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.