GOLD - Downtrend 18/08/2023
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The price of gold has lost its recent recovery and has fallen below the $1,900 mark during the American trading session. This decline is attributed to the rise in the benchmark 10-year US Treasury bond yield, which reached around 4.3% after a temporary correction. As a result, XAU/USD turned bearish.
Gold's ability to maintain its value may face challenges due to concerns over China's weakening economic outlook. Additionally, the strong performance of the US economy has led to an increase in US Treasury bond yields, which is strengthening the US Dollar (USD). The upward momentum of USD could potentially exert downward pressure on gold prices.
Gold's ability to maintain its value may face challenges due to concerns over China's weakening economic outlook. Additionally, the strong performance of the US economy has led to an increase in US Treasury bond yields, which is strengthening the US Dollar (USD). The upward momentum of USD could potentially exert downward pressure on gold prices.
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