GOLD - Can Gold surpass 1900?
The world gold price has dropped continuously since last week because major economies have shown positive recovery signals, despite geopolitical conflicts and natural disasters.
On August 14, the world's third largest economy, Japan, announced GDP growth in the second quarter of 2023, with an impressive increase of 6% compared to the same period last year, much higher than the expected level. previously reported is 3.7% and forecast is 3.1%.
Along with positive economic information, the USD continued to strengthen. Specifically, the Dollar-Index - measuring the strength of the USD in a basket of 6 major currencies increased by 0.25% compared to the previous session, to 103,170 points.
When the dollar is strong, investors withdraw capital from gold to reduce deposit costs as well as find profitable investment channels. Therefore, pushing the gold price down deeply, there is no chance to reverse and increase again.
On August 14, the world's third largest economy, Japan, announced GDP growth in the second quarter of 2023, with an impressive increase of 6% compared to the same period last year, much higher than the expected level. previously reported is 3.7% and forecast is 3.1%.
Along with positive economic information, the USD continued to strengthen. Specifically, the Dollar-Index - measuring the strength of the USD in a basket of 6 major currencies increased by 0.25% compared to the previous session, to 103,170 points.
When the dollar is strong, investors withdraw capital from gold to reduce deposit costs as well as find profitable investment channels. Therefore, pushing the gold price down deeply, there is no chance to reverse and increase again.
ความคิดเห็น:
Technical analysis shows a short-term bearish bias for both metals, opening the door for bears (who expect prices to fall), also giving chart speculators more reason due to monitor the short-term market of these two metals.
ความคิดเห็น:
In recent days, the value of the dollar in international markets has surged as a result of mounting pressure on exchange rates in Asia. This surge coincides with ongoing efforts by the US Federal Reserve (Fed) to tighten its monetary policy. There are expectations that interest rates may be raised once again during their September meeting - this would mark their 12th rate hike.
In view of the market, we are still expecting the upward trend in bond yields to continue to support the USD's rally. This shows that the USD trend is still supported