The world gold price is still in the hands of the Bear

Currently, the global gold price stands at $1,905/ounce, a slight decrease of $6/ounce compared to yesterday.

Gold prices hit a 5-week low due to pressure from the USD's recovery. At the same time, the US Dollar Index, which measures the fluctuation of the greenback, rose above 103 points, diminishing gold's appeal for buyers holding other currencies. Speculators betting on gold also became hesitant as gold's technical factors declined.

The strength of the USD and bonds has led speculators to limit their holdings of precious metals, causing the global gold price to drop to $1,902/ounce last night.

Gold is still struggling to find short-term price momentum. However, the decline in precious metals will be limited by the demand from major central banks worldwide. A recent report from the World Gold Council shows that central banks have yet to finish their race to add gold to their reserves.

The next target for speculators betting on higher prices is to close above the resistance level.

Kommentera:

In view of the market, we are still expecting the upward trend in bond yields to continue to support the USD's rally. This shows that the USD trend is still supported

Kommentera:

Technical analysis shows a short-term bearish bias for both metals, opening the door for bears (who expect prices to fall), also giving chart speculators more reason due to monitor the short-term market of these two metals.