Gold remained above $1,800 on Monday as its increased appeal amid weaker US Treasury yields was offset by the dollar’s rise. Also, the rise of the dollar index has made the precious metal more expensive for holders of other currencies. So what will you see now? cryptocoin.com We convey the comments of analysts…
Will the gold price continue to struggle?
An ounce of gold, which changed hands at around $1,800 last week, is currently at $1,807. Benchmark US Treasuries yields pulled down from the highest level of the previous session in more than a week, lowering the opportunity cost of gold. The dollar index (DXY) rose from its weakest level in nearly a week, making dollar-priced gold less attractive to non-US currency holders.
“Gold faces resistance just above $1,815 and if the recent history shows something, gold will continue to struggle to sustain gains at these levels unless the US dollar drops sharply this week,” said Jeffrey Halley, senior market analyst at OANDA. “What’s going on with inflation and the US Federal Reserve’s reaction to it is the main catalyst that makes it difficult to find directional momentum,” said DailyFX currency strategist Ilya Spivak. However, while this week has been generally calm, Spivak said, “the current sensitivity to low liquidity is making more pronounced, as weaker markets will lead to more tense price action if anything.”
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram and YouTube join our channel!
Disclaimer: The articles and articles on Kriptokoin.com do not constitute investment advice. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, asset or service in this article.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.