Gold set to take out 2021 low?
Gold and silver are both suffering because of similar reasons: rising interest rate expectations from both side of the Atlantic and a strong US dollar. The latter has underperformed lately due to elevated concerns over the health of the Chinese economy where the nation’s zero-COVID policy and energy issues have hit the sector. But overall, it is all about monetary policy and rising interest rates. The USDJPY for example is teasing 140.00 handle after a slightly stronger ISM PMI report further fuelled speculation about a 75 basis point Fed rate hike in September. It looks like gold is likely to drop below this year’s earlier low and test the 2021 low at $1676, before deciding on its next move.
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