Gold price "breaks" two important support levels

The precious metal price continued to trade at the lowest level within 5 months after the minutes of the July monetary policy meeting of the US Federal Reserve (Fed) were released. The minutes showed that the majority of the bank's officials continued to prioritize fighting inflation, while only a few pointed to the risks to the economy by pushing interest rates too far.

Yields on 10-year US government bonds hit a 10-month high shortly after the release of Fed minutes, pushing the dollar to its highest level since mid-June, easing attractiveness, driving investors away from non-yielding assets like gold.

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- Goldman Sachs is planning a hiring joy to fix fading amid Fed sternness.

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If there is no strong bounce above $1,905 this week, confidence that a downtrend in gold has been established will increase. In this case, the $1,800 - $1,810 range is a potential technical target. This has been a difficult range for gold to cross over the past 3 years.

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- Traders reduce short positions to the lowest level since June 2022 for the S&P 500 index.