US Dollar Strength, Gold Woes, and Market Volatility
"The US Dollar Dominates, Gold Struggles, and Equity Markets Face Volatility"
The US Dollar had a strong week, outperforming other major currencies. Gold prices suffered, primarily due to rising longer-term Treasury yields, as financial markets anticipated a higher terminal rate from the Federal Reserve, supported by robust economic data.
Equity markets also experienced turbulence, with tech stocks, in particular, taking a significant hit. The Nasdaq 100 was on track for its worst month since December, down more than 7% so far this month. While the Dow Jones and S&P 500 also lagged, their losses were comparatively less severe.
The slowing Chinese economy garnered attention this week, marked by lackluster economic data that led to further depreciation of the Yuan. In response, the People's Bank of China intervened to stabilize the currency amid concerns. Concurrently, Evergrande Group, a prominent local property conglomerate, filed for bankruptcy in the United States, adding to the uncertainty in the housing market.
GOLD
BUY 1883-1885🕯
✅ TP1: 1892
✅ TP2: 1900
⚠️ SL: 1881
The US Dollar had a strong week, outperforming other major currencies. Gold prices suffered, primarily due to rising longer-term Treasury yields, as financial markets anticipated a higher terminal rate from the Federal Reserve, supported by robust economic data.
Equity markets also experienced turbulence, with tech stocks, in particular, taking a significant hit. The Nasdaq 100 was on track for its worst month since December, down more than 7% so far this month. While the Dow Jones and S&P 500 also lagged, their losses were comparatively less severe.
The slowing Chinese economy garnered attention this week, marked by lackluster economic data that led to further depreciation of the Yuan. In response, the People's Bank of China intervened to stabilize the currency amid concerns. Concurrently, Evergrande Group, a prominent local property conglomerate, filed for bankruptcy in the United States, adding to the uncertainty in the housing market.
GOLD
BUY 1883-1885🕯 ✅ TP1: 1892
✅ TP2: 1900
⚠️ SL: 1881
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HIT TP1 70pips✅ ✅
