GOLD:Price continue To Drop - Bearish Continuation.
When risk aversion joins the return of full markets to support the US Dollar, the gold price (XAU/USD) falls approaching the previous weekly low, also the lowest since late December. Upbeat US Treasury bond yields may be supporting the greenback while impacting on the XAU/USD.
But, geopolitical concerns about China and Russia appear to be driving the newest push toward risk avoidance. With the good US data, there is renewed anxiety about the Federal Reserve's (Fed) hawkish move. Yet, the cautious mood ahead of the preliminary readings of the US Purchasing Managers Index (PMI) data for February appears to be a threat to the Gold price. The minutes of the Federal Open Market Committee's (FOMC) Monetary Policy Meeting on Wednesday are also noteworthy.
But, geopolitical concerns about China and Russia appear to be driving the newest push toward risk avoidance. With the good US data, there is renewed anxiety about the Federal Reserve's (Fed) hawkish move. Yet, the cautious mood ahead of the preliminary readings of the US Purchasing Managers Index (PMI) data for February appears to be a threat to the Gold price. The minutes of the Federal Open Market Committee's (FOMC) Monetary Policy Meeting on Wednesday are also noteworthy.
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