GOLD : THE BULLION UNDER PRESSURE
- Thanks to expectations of a dovish monetary turnaround in the United States during the 4th quarter of 2023, GOLD benefited from the weakness of the US dollar and recgistered higher highs and lows. The medium-term trend was therefore bullish.
- Since the start of 2024 and the end of hopes for rapid rate cuts, the yellow metal has come under pressure from a rise in the US Dollar, which led the market to break its medium-term upward channel.
Another blow was dealt today with the latest US inflation figures, which came out well above analysts' expectations (3.1% vs 2.9% expected).
- This renewed appetite for the American Dollar continues to keep the yellow metal under pressure and could well take the market even lower, below $2000, towards $1975 then $1937, 2 and 3 month lows respectively.
- Technically speaking, the bearish break is also confirmed by the Stochastic as well as the breakout of 31.8% Fibonacci (today) following a saucer top heralding a trend reversal.
The information provided does not constitute investment research. The material has no been prepared in accordance with the legal requirements designed to promote the independence of investment research and such is to be considered to be a marketing communication.
All information has been prepared by ActivTrades ("AT"). The information does not contain a record of AT's prices, or an offer of or solicitation for a transaction in any financial instrument. No representation or warranty is given as to the accuracy or completeness of this information.
Any material provided does not have regard to the specific investment objective and financial situation of any person who may receive it. Past performance is not reliable indicator of future performance. AT provides an execution-only service. Consequently, any person acing on the information provided does so at their own risk.
- Since the start of 2024 and the end of hopes for rapid rate cuts, the yellow metal has come under pressure from a rise in the US Dollar, which led the market to break its medium-term upward channel.
Another blow was dealt today with the latest US inflation figures, which came out well above analysts' expectations (3.1% vs 2.9% expected).
- This renewed appetite for the American Dollar continues to keep the yellow metal under pressure and could well take the market even lower, below $2000, towards $1975 then $1937, 2 and 3 month lows respectively.
- Technically speaking, the bearish break is also confirmed by the Stochastic as well as the breakout of 31.8% Fibonacci (today) following a saucer top heralding a trend reversal.
The information provided does not constitute investment research. The material has no been prepared in accordance with the legal requirements designed to promote the independence of investment research and such is to be considered to be a marketing communication.
All information has been prepared by ActivTrades ("AT"). The information does not contain a record of AT's prices, or an offer of or solicitation for a transaction in any financial instrument. No representation or warranty is given as to the accuracy or completeness of this information.
Any material provided does not have regard to the specific investment objective and financial situation of any person who may receive it. Past performance is not reliable indicator of future performance. AT provides an execution-only service. Consequently, any person acing on the information provided does so at their own risk.
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