Gold Prices Remain Subdued as Dollar Gains Traction
As Tuesday's trading session approaches, the price of gold remains subdued due to the upward trajectory of the US Dollar, which has been bolstered by escalating Treasury yields.
The entire spectrum of metal commodities is experiencing a widespread decline, hindered by the robust Dollar and a waning interest in assets linked to risk and growth.
Among these metals, industrial variants have suffered more pronounced setbacks than the precious metal itself, largely due to heightened scrutiny of China's economic prospects.
The outlook for China has come under intensified examination, particularly affecting industrial metals more than gold.
Adding to these dynamics, the previous week saw a general weakening of economic data in that region, further compounded by the defaults on debt payments from prominent property entities, namely Country Garden and Ocean Sino.
Country Garden's failure to meet its US Dollar coupon obligations last week was followed by the suspension of trading in its domestic debt this week, a situation mirrored by Ocean Sino.
GOLD
BUY 1904-1906💯
✅ TP1: 1909
✅ TP2: 1914
🛑 SL: 1900
The entire spectrum of metal commodities is experiencing a widespread decline, hindered by the robust Dollar and a waning interest in assets linked to risk and growth.
Among these metals, industrial variants have suffered more pronounced setbacks than the precious metal itself, largely due to heightened scrutiny of China's economic prospects.
The outlook for China has come under intensified examination, particularly affecting industrial metals more than gold.
Adding to these dynamics, the previous week saw a general weakening of economic data in that region, further compounded by the defaults on debt payments from prominent property entities, namely Country Garden and Ocean Sino.
Country Garden's failure to meet its US Dollar coupon obligations last week was followed by the suspension of trading in its domestic debt this week, a situation mirrored by Ocean Sino.
GOLD
BUY 1904-1906💯 ✅ TP1: 1909
✅ TP2: 1914
🛑 SL: 1900
