A soaring USD, broken key tech levels and falling inflation expectations have exacerbated the sell-off in gold in recent days. Get your market update from JMcQueenFX here:
A soaring USD, broken key tech levels and falling inflation expectations have exacerbated the sell-off in gold in recent days. Alongside this and as I pointed out last week, a, which has now formed, had been looming and thus providing another bearish signal for gold. However, as I noted previously, I am typically sceptical of these indicators working consistently and despite the subsequent price action on this occasion, I still stand by that view.
, with the sharp rise in US real yields being a key factor, as well as the break through 1880 further solidifying my view that we had peaked in gold.From a technical point, the break below 1760 was significant and will now represent resistance. While the catalyst for yesterday’s drop had been the overall better than feared ISM Non-Manufacturing PMI data. Given that gold has slipped into oversold conditions for the first time since August 2021, a bounce back to key resistance can be expected. That being said, on the downside, aside from mild support at 1720, the big area for bears is 1685-90.
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