Hello everyone! Gold has cooled down after yesterday's news, moving away from the $2000 mark and trading around $1980 at the start of today's session, a decrease of 0.18% throughout the day.
Gold declined under pressure from a strong US dollar index, a decrease in crude oil prices, and a slight increase in US Treasury bond yields. Additionally, precious metals faced selling pressure from short-term futures traders after a recent strong rally.
In the short term outlook, the US Dollar Index (DXY) opened at 106.67 points. Therefore, there is a possibility of gold declining in the short term.
Samson's view is that prices could find support at $1966 and even $1955. Afterward, we can expect gold to increase in value from this resistance level.
Gold declined under pressure from a strong US dollar index, a decrease in crude oil prices, and a slight increase in US Treasury bond yields. Additionally, precious metals faced selling pressure from short-term futures traders after a recent strong rally.
In the short term outlook, the US Dollar Index (DXY) opened at 106.67 points. Therefore, there is a possibility of gold declining in the short term.
Samson's view is that prices could find support at $1966 and even $1955. Afterward, we can expect gold to increase in value from this resistance level.
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