Gold Touches Five-Month Lows Amid Dollar and Treasury Yield,...
Gold prices touched a five-month low on Thursday, as both the U.S. dollar and Treasury yields gathered momentum due to recent positive economic data, reinforcing the anticipation that the Federal Reserve would continue its policy tightening trajectory.
As of 0335 GMT, spot gold (traded as GOLD) maintained its position at $1,893 per ounce, after descending to its lowest level since March 15 at $1,888.30. Simultaneously, U.S. gold futures (also referred to as GOLD) experienced a 0.3% decrease, reaching $1,922.60.
The minutes extracted from the Federal Reserve's July meeting indicated that "a majority" of policymakers remained focused on addressing inflation, while "certain participants" expressed concerns about the potential repercussions of excessively aggressive rate hikes on the economy.
With the benchmark 10-year U.S. Treasury yields achieving a peak not witnessed in 10 months, the dollar surged to its highest point since mid-June, enticing investors away from gold, which lacks interest-bearing attributes.
Matt Simpson, a senior analyst at City Index, commented, "Although the FOMC minutes reinforced the strength of the U.S. dollar and yields, we are seeing initial signs of stability in today's spot gold prices. We may be approaching a pivotal moment given the pivotal levels of U.S. yields and the dollar index."
According to Reuters technical analyst Wang Tao, spot gold might descend to $1,879 per ounce, as it has breached two crucial support levels.
XAUUSD SELL LIMIT 1900- 1898 LIMIT 💯💯
✔️ TP1: 1895
✔️ TP2: 1890
❌ SL: 1904
As of 0335 GMT, spot gold (traded as GOLD) maintained its position at $1,893 per ounce, after descending to its lowest level since March 15 at $1,888.30. Simultaneously, U.S. gold futures (also referred to as GOLD) experienced a 0.3% decrease, reaching $1,922.60.
The minutes extracted from the Federal Reserve's July meeting indicated that "a majority" of policymakers remained focused on addressing inflation, while "certain participants" expressed concerns about the potential repercussions of excessively aggressive rate hikes on the economy.
With the benchmark 10-year U.S. Treasury yields achieving a peak not witnessed in 10 months, the dollar surged to its highest point since mid-June, enticing investors away from gold, which lacks interest-bearing attributes.
Matt Simpson, a senior analyst at City Index, commented, "Although the FOMC minutes reinforced the strength of the U.S. dollar and yields, we are seeing initial signs of stability in today's spot gold prices. We may be approaching a pivotal moment given the pivotal levels of U.S. yields and the dollar index."
According to Reuters technical analyst Wang Tao, spot gold might descend to $1,879 per ounce, as it has breached two crucial support levels.
XAUUSD SELL LIMIT 1900- 1898 LIMIT 💯💯
✔️ TP1: 1895
✔️ TP2: 1890
❌ SL: 1904
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