Gold prediction for today
Zaktualizowano
Gold price weakened under the pressure of USD appreciation. This morning, the US Dollar Index, which measures the volatility of the greenback, surpassed 103 points, knocking out the attractiveness of gold.
Interest rates did not decrease, causing investors to continue withdrawing capital from gold to switch to other fields such as bonds and securities. Therefore, it is likely that gold prices will continue to decline in the short term.
According to the technical analysis chart, Gold is still in a Downtrend Correction and following its parallel downtrend. So we are waiting for Buy at trend confluence at h1
Interest rates did not decrease, causing investors to continue withdrawing capital from gold to switch to other fields such as bonds and securities. Therefore, it is likely that gold prices will continue to decline in the short term.
According to the technical analysis chart, Gold is still in a Downtrend Correction and following its parallel downtrend. So we are waiting for Buy at trend confluence at h1
Uwaga
Gold prices struggled to gain any meaningful traction during the Asian session on Tuesday and weakened near their lowest levels since June 6 the previous day. XAU/USD manages to hold above the $1,900 mark, at least for the time being, although the trend still seems to favor bearish traders and support the prospect of extending the recent bearish trajectory witnessed in the past four weeks or so.Uwaga
The US Dollar (USD) held steady just below the highest level in more than two months and turned out to be the main factor weakening Gold prices. The growing acceptance that the Federal Reserve (Fed) will keep interest rates higher for longer remains supportive of higher US Treasury yields and continues to act as a headwind. for the Blue Silver.Uwaga
On August 14, the world's third largest economy, Japan, announced GDP growth in the second quarter of 2023, with an impressive increase of 6% compared to the same period last year, much higher than the expected level. previously reported is 3.7% and forecast is 3.1%.Along with positive economic information, the USD continued to strengthen. Specifically, the Dollar-Index - measuring the strength of the USD in a basket of 6 major currencies increased by 0.25% compared to the previous session, to 103,170 points.
When the dollar is strong, investors withdraw capital from gold to reduce deposit costs as well as find profitable investment channels. Therefore, pushing the gold price down deeply, there is no chance to reverse and increase again.
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