Gold finds bottom at low prices
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Brian hello to you all!
Today, gold continues its downward trend, touching a low of $1876 per ounce. The DXY index continues to rise, reaching a six-month high of 106.4 points. Meanwhile, US bond yields have reached their highest level in 16 years, putting pressure on this precious metal.
From a technical standpoint:
Upon careful observation, we can see that gold is forming a DOW pattern, with Fibonacci extensions indicating a target of $1863. We hope that this could be a significant milestone for gold's recovery, as China receives some positive news, including the first increase in industrial production in over a year. These factors may dampen the USD's strength and provide support for gold.
Today, gold continues its downward trend, touching a low of $1876 per ounce. The DXY index continues to rise, reaching a six-month high of 106.4 points. Meanwhile, US bond yields have reached their highest level in 16 years, putting pressure on this precious metal.
From a technical standpoint:
Upon careful observation, we can see that gold is forming a DOW pattern, with Fibonacci extensions indicating a target of $1863. We hope that this could be a significant milestone for gold's recovery, as China receives some positive news, including the first increase in industrial production in over a year. These factors may dampen the USD's strength and provide support for gold.
Ghi chú
good luckGhi chú
As long as the narrative of higher long-term interest rates continues, it will continue to pressure precious metals, noted Ryan McKay, commodity strategist at TD Securities.Ghi chú
GOLD is falling as indicated, the outlook has been establishedGhi chú
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