Gold prices edged lower on Wednesday, dropping to $1,710 per ounce. If gold prices decline, support may be found at $1,680 per ounce, while resistance may be found around 1,802 per ounce and higher up at $1,870 per ounce.
Gold has been retreating, pushed down by the rise of competing assets, such as the dollar and US treasury yields. The dollar remained strong on Wednesday, with the dollar index near 108.8 after reaching 109 earlier in the week. The US 10-year treasury note climbed above 3.1%, boosted by increased Fed rate hike expectations.
Fed rhetoric remains firmly hawkish, indicating that the Fed is committed to increase interest rates until inflation has been brought under control. On Wednesday, FOMC member Loretta Mester stated that she sees the Fed benchmark interest rate rising to 4% and no rate cuts through 2023, propping up the dollar.
The pivot of most major Central Banks toward a tighter monetary policy to combat rising inflation rates is putting pressure on the price of gold. Assets yielding interest become a more appealing investment compared to gold, as interest rates rise.
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.
