Gold continues its downtrend, expected to be 1930USD

The world gold price plunged in the context of a strong dollar. The US Dollar Index (DXY) which measures the volatility of the greenback with 6 major currencies (EUR, JPY, GBP, CAD, SEK, CHF) was at 103.007 points (up 0.27%).

A combination of supportive factors pushed the US Dollar (USD) to its highest level in almost two months, which is expected to weigh heavily on Gold prices. Amid recent hawkish signals from some Federal Reserve officials, optimism about the possibility of lifting the US debt ceiling remains supportive of rising US Treasury yields. States and act as a headwind for the Greenback.

Gold continues its downtrend, expected to be 1930USD. However, the price will recover before continuing to decrease