GOLD - Dominant Downtrend
Gold is currently trading at $1,932 per ounce, down $10 from earlier today. The US dollar, which competes with gold, has strengthened against major currencies due to remarks from a Federal Reserve official.
The official stated that inflation remains high and the job market is strong, which may lead to further interest rate hikes. The US Dollar Index (DXY) increased by 0.06% to reach 102.3. From a technical analysis perspective, the gold price is in a downtrend, suggesting that selling strategies should be prioritized over buying.
The official stated that inflation remains high and the job market is strong, which may lead to further interest rate hikes. The US Dollar Index (DXY) increased by 0.06% to reach 102.3. From a technical analysis perspective, the gold price is in a downtrend, suggesting that selling strategies should be prioritized over buying.
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