GOLD (May 23) down as USDX continues to rise
Gold prices decreased at the start of trading in the US today, as the value of the US dollar increased in the foreign exchange market and yields on US Treasury bonds rose. This led gold speculators to look for safe havens elsewhere. Short-term technical analysis of the precious metal has also worsened.
Clear progress in US debt negotiations could increase selling pressure on safe haven markets such as gold. Additionally, recent comments from Fed officials have generally leaned towards a hawkish rather than dovish monetary policy for the US, which is another factor in the decline of gold prices.
In overnight news, the Eurozone's May PMI index was 53.3, slightly lower than expected and down from April's 54.1. A figure above 50.0 indicates growth in this sector.
Clear progress in US debt negotiations could increase selling pressure on safe haven markets such as gold. Additionally, recent comments from Fed officials have generally leaned towards a hawkish rather than dovish monetary policy for the US, which is another factor in the decline of gold prices.
In overnight news, the Eurozone's May PMI index was 53.3, slightly lower than expected and down from April's 54.1. A figure above 50.0 indicates growth in this sector.
✖️Stoploss: $1,937.
✅Sell the $1,987-$1,990 range when the price hits the resistance area.
✖️Stoploss: $1,993.
AND ALWAYS REMEMBER WHAT YOU NEED TO DO IS MANAGE RISK. GOOD LUCK !!!