Gold is Looking Frightened by the USD Strength Forex Trading Dollar Markets metals
Underneath, we have a certain amount of support on the $1680 level, and I think that area will continue to be crucial. If the market were to break down below that level, then we would almost certainly see gold drop lower, perhaps down to the $1500 level where we have seen a lot of action previously.for the Tuesday session, that would be bullish and open up the possibility of a move to the 50-Day EMA.
As long as bond markets continue to be very noisy, then is difficult for gold traders to get a handle on how things are going to be moving. As interest rates continue to rise, that will put downward pressure on gold as it’s easier to simply hold paper than it is to pay a significant amount of money for storage.
Furthermore, you should keep in mind that there is no yield to be had on gold, so as long as there is yielded to be had in the bond market, it will be much more attractive than gold. Ultimately, I think this is a “fade the rally” type of market, especially as the
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