Gold price is still in a bearish channel

The world gold price today hovered around $1,927 per ounce. On the night of 8/8, it was approximately 5.5% higher than at the start of 2023, amounting to a $101 increase per ounce.

Gold prices in the global market experienced a significant drop due to a strong rise in the USD following news about China. The decline was mainly attributed to the USD's surge as the yuan (NDT) sharply depreciated, prompted by disappointing economic data including weak import and export figures.

Despite this, there is potential support for precious metals from Türkiye. The Turkish government is considering easing restrictions on the gold market by lifting the ban on gold imports and implementing new fees and quota systems.

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Meanwhile, the latest report of the World Gold Council shows that in July 2023, global investors sold 34 tons of gold, marking the fourth consecutive month that organizations have reduced this amount of gold holding. .

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A lower clear will increasingly create a bearish technical trend that will converge with the IGCS signal. The latter is also closely linked to the lows from June. Confirmation of a breakout below could usher in a revisit to the March low.

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The recent volatility in the bond market where 10-year yields hold around 4% is a strong sign that investors are losing faith in the dollar.

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In key external markets saw the US dollar index slightly lower. Nymex crude oil prices are higher and trading around $84 a barrel. Meanwhile, the benchmark 10-year US Treasury bond yield is currently at 4.182 percent.