Gold is approaching $ 1,800 an ounce, recovering most of the recent losses
The price of gold has recovered over two-thirds of its recent losses and is approaching $ 1,800 an ounce. The rebound of gold was possible thanks to a strong decline in bond yields, which is illustrated on the chart by a rebound on TNOTE. Interestingly, at the same time, we observe a strengthening of the dollar, which is probably triggered by the last words of Rosengren, who expects the announcement of a tapering during the September Fed meeting.
Important events lie ahead of us today. Firstly, publication of retail sales and industrial production data for July. Sales have recently been mixed, while the dynamics of industrial production growth has been declining month by month. The key event from the dollar, bond yields and gold perspective is, of course, Powell's speech. If he admits that the situation on the labor market has improved significantly, and inflation is not entirely temporary, then the upcoming tapering will begin (gold under pressure). On the other hand, if the position remains unchanged, it will mean that gold may launch an attack at $ 1,800 an ounce.
إبدأ بالإستثمار اليوم أو تدرّب على حساب تجريبي
إنشاء حساب حساب تجريبي تحميل تطبيق الجوال تحميل تطبيق الجوال
GOLD, D1 interval. Source: xStation5
