XAUUSD Gold - New Break for Bullish Trend
Enter your emailStrong gains for the US dollar from expectations of raising interest rates higher than previously expected contributed to the decline in the price ofThe price broke down below the psychological resistance of $1900 with losses to the support level of $1892 before settling around the $1900 level at the time writing an analysis, waiting for anything new. The yellow metal is poised to end at a nine-week low as investors look for a haven in the US dollar.
US financial markets are bleeding red ink at the beginning of this week due to global economic growth concerns, monetary policy tightening, and China is suffering from an outbreak of COVID-19 infection. Investors pressed the sell button and fled to the US dollar. Gold usually thrives in this type of environment, but rising Treasury yields have discouraged investors from buying the precious metal.
An important factor influencing the gold market. The dollar rose against the other major currencies, as the US Dollar Index , which measures the dollar's performance against a basket of major currencies, rose to 101.61, from an opening at 101.07. Overall, the index is up about 1% over the past week, bringing its gains in 2022 to nearly 6%. Over the past 12 months, the liability value has strengthened by about 12%.
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