Gold and other precious metals are losing significantly due to higher yields and the strengthening of the dollar
Higher yields in the US and steeper yield curve cause the dollar to strengthen and the price of gold to weaken. Rising yields are caused by growing concerns regarding inflation. Additionally, we are also observing very good sentiment on the stock markets, which may strengthen the above-mentioned movements. Gold is now losing about 1.3% and fell below $ 1,800 an ounce. The nearest key support is marked by the 50.0% retracement of the entire upward wave which lasted from March to August 2020. Among other precious metals, platinum (-2.8%) and silver (-1.75%) are losing the most. Palladium is losing (-1.3%).
Gold fell sharply at the beginning of today’s session, along with TNOTE (yield increase). Break below $ 1,790 will open the way towards the November lows. Source: xStation5
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