Gold Falls to USD strengthening vows ! Also BTC a reason .
Gold falls to major trendline on strong USD, asset reallocation, risk-on.
Key points:-
Gold falls to key support from a major trendline for the long-term uptrend at $2,600.
A strong US Dollar is reducing the price of Gold, whilst competition from Bitcoin and stocks is also bearish.
Expectations for the Federal Reserve slowing the pace of interest rate cuts and reduced safe-haven demand could also weigh on Gold’s price.
Technical Analysis:
XAU/USD falls to support at major trendline
Gold falls to support from a major trendline for its long-term uptrend situated at around the $2,600 mark. The precious metal has broken below the 50-day Simple Moving Average (SMA) at $2,648 and is now in a short-term downtrend. Given it is a principle of technical analysis that “the trend is your friend,” the odds favor a continuation lower.
Gold price falls as competition from Bitcoin and Stocks bites
Gold is also falling due to competition from alternative assets such as Bitcoin (BTC), which keeps pushing to new all-time highs in the $80,000s because of expectations of laxer crypto regulation under the Trump administration.
US stocks are rising as investors anticipate lower corporation tax and looser regulations boosting company profits.
Key points:-
Gold falls to key support from a major trendline for the long-term uptrend at $2,600.
A strong US Dollar is reducing the price of Gold, whilst competition from Bitcoin and stocks is also bearish.
Expectations for the Federal Reserve slowing the pace of interest rate cuts and reduced safe-haven demand could also weigh on Gold’s price.
Technical Analysis:
XAU/USD falls to support at major trendline
Gold falls to support from a major trendline for its long-term uptrend situated at around the $2,600 mark. The precious metal has broken below the 50-day Simple Moving Average (SMA) at $2,648 and is now in a short-term downtrend. Given it is a principle of technical analysis that “the trend is your friend,” the odds favor a continuation lower.
Gold price falls as competition from Bitcoin and Stocks bites
Gold is also falling due to competition from alternative assets such as Bitcoin (BTC), which keeps pushing to new all-time highs in the $80,000s because of expectations of laxer crypto regulation under the Trump administration.
US stocks are rising as investors anticipate lower corporation tax and looser regulations boosting company profits.
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