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GOLD gained 16.60% After the Last U.S. Credit Downgrade

If you haven`t purchased GOLD in the buy area:

Then you need to know that Fitch Ratings downgraded the US debt rating from the highest AAA rating to AA+, citing concerns about "a steady deterioration in standards of governance."

This downgrade occurred following last-minute negotiations among lawmakers to reach a debt ceiling deal earlier this year, which posed a risk of the nation's first default.

In the aftermath of a similar credit downgrade in the past, the price of Gold surged by 16.60% within one month. Standard & Poor's, one of the three major credit rating firms, downgraded U.S. debt on Aug. 5, 2011, following another significant debt ceiling battle.

Currently, the U.S. 10-year Treasury yield has risen to 4.15%, reaching its highest level since November 2022.

It's worth noting that even though the mentioned price target may not be sustainable in today's market conditions, it was still worth mentioning for reference.

Looking forward to read your opinion about it!