Gold prices edged lower on Monday, slipping below the $1,720 per ounce key level. If gold prices decline, support may be found at $1,675 per ounce, while resistance may be found at around 1,813 per ounce and higher up at $1,870 per ounce.
The dollar continued to retreat on Monday, with the dollar index falling below the 106.5 level. Increased risk appetite on Monday pushed both the safe-haven dollar and gold down, while riskier assets benefitted.
US Bond yields remained steady on Monday, with the US 10-year treasury note at approximately 2.8%. Real yields compete directly with gold, which is a non-interest-bearing asset, and their decline benefits gold prices.
An increasing number of major Central Banks are moving towards a tighter fiscal policy putting pressure on the gold price, as interest rate assets become a comparatively more appealing investment. The Bank of Canada hiked its interest rate by 100 base points and the ECB unexpectedly raised interest rates by 50 bps last week, dampening the appeal of gold. The BOE is also moving in a more hawkish direction, reportedly considering a rate hike of up to 50 bps in August.
The primary driver of gold price this week is expected to be the much-anticipated Fed meeting on the 27th, with a Fed rate hike of at least 75 bps being priced in by markets.
The content provided in this material and/or any other material that this content is referred to, whether it comes from a third party or not, is for information purposes only and shall not be considered as a recommendation and/or investment advice and/or investment research and/or suggestions for performing any actions with financial products or instruments, or to participate in any particular trading strategy and cannot guarantee any profits. Past performance does not constitute a reliable indicator of future results. TopFX does not represent that the material provided here is accurate, current, or complete and therefore shouldn't be relied upon as such. This material does not take into account the reader's financial situation or investment objectives. We advise any readers of this content to seek their own advice. Without the approval of TopFX, no reproduction or redistribution of the information provided herein is permitted.
Written by:
Myrsini Giannouli
presenza nel settore
come Fornitore di Liquidità
ed esecuzione affidabile
fondi dei clienti
Servizio Clienti
Completa la pagina di registrazione
e seleziona
"Crea conto".
Quando sei nell'area cliente protetta procedi allegando il tuo Documento d'Identita' e la tua Prova di Residenza.
Quando il tuo conto reale sara' approvato potrai depositare fondi e cominciare a fare trading sulla piattaforma che hai scelto!
The website you are now viewing is operated by TopFX Global Ltd, an entity which is regulated by the Financial Services Authority (FSA) of Seychelles with a Securities Dealer License No SD037 that is not established in the European Union or regulated by an EU National Competent Authority.
If you wish to proceed please confirm that you understand and accept the risks associated with trading with a non-EU entity (as these risks are described in the Own Initiative Acknowledgment Form and that your decision will be at your own exclusive initiative and that no solicitation has been made by TopFX Global Ltd or any other entity within the Group.
Don't show this message again
Il sito Web TopFX utilizza i cookie per ottimizzare l'esperienza dell'utente.
Questi cookie rientrano nelle seguenti categorie: cookie essenziali, funzionali e di marketing. I cookie di marketing possono includere anche cookie di terze parti.
Puoi personalizzare la tua selezione di quali cookie vuoi accettare.
Questi cookie sono necessari per il corretto funzionamento del sito e non possono essere disattivati.
I cookie funzionali consentono al sito Web di ricordare le preferenze degli utenti e le scelte effettuate sul sito Web come nome utente, regione e lingua.
Questi cookie vengono utilizzati per tracciare i visitatori sui nostri siti Web e mostrarti annunci più pertinenti. I cookie di marketing includono anche cookie di terze parti di partner. Per ulteriori informazioni relative alla protezione e alla raccolta dei dati, consultare la nostra Informativa sulla privacy e Informativa sui cookie.
