Gold today continued to decline
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The global price of gold has experienced a significant decline, dropping by $21.3 USD to reach $1,828.4 USD per ounce compared to the previous morning. The primary reasons for this decrease are the strengthening of the US Dollar, which has reached its highest level in 10 months, and the increase in yields on US Treasury bonds, which have hit a 16-year high. These factors are hindering any potential reversal for gold.
The short-term outlook for gold is being challenged by rising interest rates. I believe that the "normal tightening cycle" lasting 21 months with a total increase of 3.02% is now clearly behind us. Throughout history, long-term interest rates have peaked just before the Federal Reserve stops raising short-term rates." Darius also emphasized that after reaching its peak, it's only a matter of time before Federal Reserve Chairman Jerome Powell starts cutting interest rates.
The short-term outlook for gold is being challenged by rising interest rates. I believe that the "normal tightening cycle" lasting 21 months with a total increase of 3.02% is now clearly behind us. Throughout history, long-term interest rates have peaked just before the Federal Reserve stops raising short-term rates." Darius also emphasized that after reaching its peak, it's only a matter of time before Federal Reserve Chairman Jerome Powell starts cutting interest rates.
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I want to emphasize that any increase in the price of Gold right now is insignificant because the general sentiment of the market is on the selling side.Komen
The top priority is still selling during this time. If you have any questions or need help, please contact DariusKomen
Looking at all timeframes, the gold price still favors its downtrend with minor increases in the short term, but nothing significant due to the strengthening US dollar.Komen
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The USD's upward momentum is still well consolidated, putting pressure on the Gold marketKomen
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The 10-year US bond interest rate jumped to 4.75 points, promoting strong cash flow into bonds, creating more pressure on gold prices today.
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