XAUUSD - Gold increased strongly again, surpassing 1900
In the world, gold price increased mainly due to bottom-fishing demand when precious metal products stayed at the threshold of 1,900 USD/ounce despite the great pressure from USD.
Gold's rise also put many stock markets in the world under downward pressure because the economy received many negative signals.
Investors also found gold amid the wait for the annual Federal Reserve symposium to be held this weekend in Jackson Hole, Wyoming. The meeting brought together leaders of the world's central banks, including Fed Chairman Jerome Powell.
However, the increase in gold price in the world was restrained by the strengthening USD. Recently, the USD has strengthened quite clearly against the owner's currency. The DXY index (the movement of the USD against 6 world holders) has risen to 103.5 points, hence a bottom of 997 points in the midst of the July rebound.
The world USD appreciated strongly in the middle of last week, while China continued its monetary policy, the yuan continued to weaken. Compared to the beginning of the year, the yuan has decreased by 5.6%.
Although middle banks in many countries boosted their purchases of gold, precious metals were reported to have not been able to break through while the USD still rose in value.
The Fed is expected to raise interest rates one more time in September and keep rates high for a relatively long time.
Gold's rise also put many stock markets in the world under downward pressure because the economy received many negative signals.
Investors also found gold amid the wait for the annual Federal Reserve symposium to be held this weekend in Jackson Hole, Wyoming. The meeting brought together leaders of the world's central banks, including Fed Chairman Jerome Powell.
However, the increase in gold price in the world was restrained by the strengthening USD. Recently, the USD has strengthened quite clearly against the owner's currency. The DXY index (the movement of the USD against 6 world holders) has risen to 103.5 points, hence a bottom of 997 points in the midst of the July rebound.
The world USD appreciated strongly in the middle of last week, while China continued its monetary policy, the yuan continued to weaken. Compared to the beginning of the year, the yuan has decreased by 5.6%.
Although middle banks in many countries boosted their purchases of gold, precious metals were reported to have not been able to break through while the USD still rose in value.
The Fed is expected to raise interest rates one more time in September and keep rates high for a relatively long time.
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about XAUUSD
✅ TP1: 1914
✅ TP2: 1907
⚠️ SL: 1930