Gold prices continue to fall today under technical selling pressure amid the lack of supporting factors. At dawn this morning, the USD and bond yields continued to increase, putting pressure on gold.
Recently, gold has been continuously affected by the rise of the greenback. However, Carley Garner, co-founder of brokerage firm DeCarley Trading, said that the greenback's momentum could run out as the US Federal Reserve (Fed) is unlikely to continue maintaining its policy stance. positive currency until year-end.
The reason Garner is bullish on gold is because the precious metal has shown good resilience over the past few months. While bond yields in the US remain at a 15-year high above 4%, gold still holds key support around its 20-day moving average.
One factor that could prompt a sell-off is if the Fed shifts to a more neutral monetary policy stance, leaving interest rates unchanged until the end of the year. According to the CME FedWatch Tool, markets see a more than 90% chance of a rate hike later this month and only a 50/50 chance of a rate hike in November.
Recently, gold has been continuously affected by the rise of the greenback. However, Carley Garner, co-founder of brokerage firm DeCarley Trading, said that the greenback's momentum could run out as the US Federal Reserve (Fed) is unlikely to continue maintaining its policy stance. positive currency until year-end.
The reason Garner is bullish on gold is because the precious metal has shown good resilience over the past few months. While bond yields in the US remain at a 15-year high above 4%, gold still holds key support around its 20-day moving average.
One factor that could prompt a sell-off is if the Fed shifts to a more neutral monetary policy stance, leaving interest rates unchanged until the end of the year. According to the CME FedWatch Tool, markets see a more than 90% chance of a rate hike later this month and only a 50/50 chance of a rate hike in November.
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