Gold Sells
Gold Sells
Downtrend channel formed
90% rule
Taking a bearish position on gold can be justified by the current strength of the US dollar, as indicated by recent FX prices. As of June 2024, the USD is experiencing a surge due to robust economic data and hawkish signals from the Federal Reserve regarding future interest rate hikes. Historically, a strong dollar typically exerts downward pressure on gold prices since gold is priced in USD and becomes more expensive for foreign investors. Additionally, rising interest rates increase the opportunity cost of holding non-yielding assets like gold, further supporting a bearish outlook.
Downtrend channel formed
90% rule
Taking a bearish position on gold can be justified by the current strength of the US dollar, as indicated by recent FX prices. As of June 2024, the USD is experiencing a surge due to robust economic data and hawkish signals from the Federal Reserve regarding future interest rate hikes. Historically, a strong dollar typically exerts downward pressure on gold prices since gold is priced in USD and becomes more expensive for foreign investors. Additionally, rising interest rates increase the opportunity cost of holding non-yielding assets like gold, further supporting a bearish outlook.
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