Investors Turn to the USD as it dethrones the Gold as safe Haven

GOLD Gold has hit the target of 1160 with heavy selling which it experienced over the week.
USD is out performing almost all crosses, Also with Higher Treasury yield as well as Mr. Powell the chairman of the Federal reserve mentioning before in a congressional hearing that his confidence in a strong US economy will allow the continuation of interest rate hiking as analyst expect it to hit 2.25% by end of this Q has helped the USD dethrone the GOLD as a safe haven with the current wobbly market conditions.
With Market woes from a dipping Turkish Lira which has sent ripples to the Euro zone (which is affected due to high European bank’s exposure to the Turkish Lira especially from France Italy and Spain)as well as most of the emerging markets, Investors are scrambling for the Safe Havens.
Currently the Gold is expected to continue its down fall after hitting its broken channel target of 1160 , but a retracement back to the 1200 from a bounce off the 1160-1150 might be on the cards, before things turn sour again for the Gold.