Gold price today: Reduce shock?
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Samson, Hello every one!
The gold price did not surpass the resistance level of $1,990/ounce last night and had to decline. As of 6:00 AM on November 7th, today's gold price was trading at $1,977, a decrease of $8 compared to the previous opening price, and it has continued to decline to $1,970 at the time of writing.
In this context, the unexpected increase in the USD Index from 104 points to 105 points has caused the gold price to decline. This has led to the strengthening of the USD against six other major currencies, including the Euro, JPY, GBP, CAD, SEK, and CHF.
The rise in the 10-year US bond yield to 4.64% per year has motivated many people to invest in bonds. As a result, the flow of money into precious metals has been restricted, making them less attractive and causing a sudden decrease in their prices.
Outlook and trend analysis:
Gold is expected to continue declining with a projected decrease to $1,953 before any motivating factors drive the price back up.
What are your thoughts on this matter?
The gold price did not surpass the resistance level of $1,990/ounce last night and had to decline. As of 6:00 AM on November 7th, today's gold price was trading at $1,977, a decrease of $8 compared to the previous opening price, and it has continued to decline to $1,970 at the time of writing.
In this context, the unexpected increase in the USD Index from 104 points to 105 points has caused the gold price to decline. This has led to the strengthening of the USD against six other major currencies, including the Euro, JPY, GBP, CAD, SEK, and CHF.
The rise in the 10-year US bond yield to 4.64% per year has motivated many people to invest in bonds. As a result, the flow of money into precious metals has been restricted, making them less attractive and causing a sudden decrease in their prices.
Outlook and trend analysis:
Gold is expected to continue declining with a projected decrease to $1,953 before any motivating factors drive the price back up.
What are your thoughts on this matter?
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