Trading strategy when gold falls
Updated
The recovery in the US dollar has put pressure on the yellow metal. Accordingly, the US Dollar Index rose about 0.3% to a more than two-week high, making gold more expensive for holders of other currencies.
According to Marex analyst Edward Meir, in addition to the recovery in the greenback, data from China showing that gold consumption in the world's largest gold consumer has decreased also affected the direction of gold.
The latest report shows that gold consumption in China fell 5.6% in the first half of 2024 as demand for gold jewelry fell 26.7% amid high prices. However, demand for gold bars and coins has skyrocketed.
Although gold was pressured by the greenback, experts said the decline of this precious metal was "slowed" by concerns about increased geopolitical tensions in the Middle East after a missile attack in the Golan Heights.
According to Marex analyst Edward Meir, in addition to the recovery in the greenback, data from China showing that gold consumption in the world's largest gold consumer has decreased also affected the direction of gold.
The latest report shows that gold consumption in China fell 5.6% in the first half of 2024 as demand for gold jewelry fell 26.7% amid high prices. However, demand for gold bars and coins has skyrocketed.
Although gold was pressured by the greenback, experts said the decline of this precious metal was "slowed" by concerns about increased geopolitical tensions in the Middle East after a missile attack in the Golan Heights.
Note
♦️XAUUSD SELL NOW 2392 - 2394🟢TP1: 2375
🟢TP2: 2370
🟢TP3: 2360
🔴SL: 2401
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