Gold Value Outlook Speaking Factors:Gold prices have continued to meander regardless of the deeper breakdown within the US Dollar
Gold Value Outlook Speaking Factors:
- Gold prices have continued to meander regardless of the deeper breakdown within the US Dollar.
- Gold costs stay in a bull flag formation, and the important thing driver right here seems to be the FOMC and the potential for the financial institution to get even more-dovish at fee determination in October and December of this yr.
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Gold Costs Proceed in Bull Flag Regardless of USD-Breakdown
The US Greenback breakdown has continued into one other week and Gold prices remain in a congested state, sticking to the bull flag formation that was checked out final week. And whereas it could be straightforward to start harboring bearish hints in direction of Gold costs given this failure to press as much as recent highs as the USD has fallen to fresh lows, the longer-term backdrop in Gold does stay supportive for larger costs, sooner or later, because the bull flag formation hasn’t but retraced greater than 23.6% of that prior main transfer.
As checked out round final week’s open, Gold prices started a bullish move last August that hastened via…