Gold is up, downtrend is over?

2023年8月22日

Currently, the price of gold remains stagnant near its five-month low, hovering around $1,896.43 per ounce. This may be attributed to the rising yields on government bonds, putting downward pressure on the precious metal's value. As a result, we can expect gold prices to continue moving sideways or even decline.

The market received some support as the USD Index decreased slightly by 0.1%. However, the yield on 10-year US Treasury bonds continued its upward trend and reached 4.3439%, marking its highest level since October. Consequently, this development has diminished the attractiveness of investing in gold.

Wish you a smooth trading and many big wins:3

2023年8月22日

注释

According to Acheron Insights analyst Chris Yates, in the current situation, another rally in the dollar could lead gold prices to continue the consolidation phase.

2023年8月22日

注释

While we expect Mr. Powell to issue a neutral stance at the upcoming Jackson Hole, gold is unlikely to rally in the short-term, said James Stanley, market strategist at Stone X.