CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

💥Sharp gold selloff🥇

15:29 13 June 2022

The precious metal is losing more than 2% in the face of the strength of the US dollar and rising 10-year yields

The first session this week in the international financial markets brought a sharp retreat from risky assets. Gold, which in such situations often created a safe haven for investors, is also dynamically losing today and falling below $ 1830. Yields on US 10-year bonds rose today to 3.29%, and the dollar is the strongest currency of the G7 countries. The disastrous market sentiment is caused by, among others: the highest inflation reading in the US since 1981, record low sentiment (according to the University of Michigan), the cryptocurrency market crash (problems with the Celsius project and postponement of the transition to the Proof of Stake system by ETH) and the resumption of Covid restrictions in China.

Gold fell over 2% on Monday and is currently testing major support at $1,823 an ounce which is marked with lower limit of the 1:1 structure and 61.8% Fibonacci retracement of the upward wave launched in March 2021. Slightly below this level an upward trendline can be found. Should break lower occur, the next target for sellers is located at $1760 an ounce. On the other hand, if buyers manage to halt declines, then upward impulse towards local resistance at $1895 may be launched. Source: xStation5

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This content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.

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