{"id":7136,"date":"2024-07-20T05:54:09","date_gmt":"2024-07-20T05:54:09","guid":{"rendered":"https:\/\/predictmag.com\/blog\/?p=7136"},"modified":"2024-07-20T05:54:09","modified_gmt":"2024-07-20T05:54:09","slug":"gold-tumbles-on-economic-worries-and-dollar-strength","status":"publish","type":"post","link":"https:\/\/predictmag.com\/blog\/2024\/07\/20\/gold-tumbles-on-economic-worries-and-dollar-strength\/","title":{"rendered":"Gold Tumbles on Economic Worries and Dollar Strength"},"content":{"rendered":"

Gold prices plunged today, shedding 1.50% to hit a five-day low of $2,399 per ounce. This decline comes amid concerns about China’s economic growth and speculation surrounding former President Donald Trump’s potential return to office, which is strengthening the US dollar.<\/p>\n

Gold prices took a tumble on Friday, shedding over 1.5% to settle around $2,400. This retreat reflects traders cashing out profits before the weekend, following a volatile week marked by a new all-time high of $2,483. Currently, the precious metal teeters precariously near the $2,425 mark (previously known as the “resistance handle”).<\/p>\n

Behind the price drop lies a confluence of global anxieties. Concerns about China’s economic slowdown are swirling, while renewed speculation about former President Donald Trump’s potential election win in November has boosted the US dollar. The Greenback, nicknamed the “Greenback,” is on track to close the week up more than 0.26%, according to the US Dollar Index (DXY). This surge in the dollar makes gold, a haven asset, less attractive to investors seeking a hedge against inflation.<\/p>\n

Additionally, reports have surfaced suggesting that US President Joe Biden might withdraw from the race, as high-level Democrats indicate that recent polls following Trump’s assassination attempt show Biden trailing. Meanwhile, Federal Reserve policymakers have adopted a slightly dovish stance but have not weakened the US Dollar. On Thursday, the International Monetary Fund (IMF) recommended that the Fed should not cut interest rates until late 2024.<\/p>\n

The US Dollar Index, which measures the currency’s performance against six other currencies, has risen by 0.18% to 104.34. US Treasury bond yields are also increasing across the yield curve, with the 10-year Treasury note yielding 4.233%, an increase of more than three basis points (bps).<\/p>\n

\"Gold<\/p>\n

Gold (XAU\/USD): Technical Outlook<\/h2>\n

The gold<\/a> market has been quite bullish this week, consistently making higher highs and higher lows on the 4-hour chart. After breaking above the $2,423 price level, the market gained momentum, surging even higher above the $2,450 level and reaching a new all-time high for the year at $2,483. Following this peak, the market began to decline. However, as the market approached the close on Friday, the bearish candlestick showed reduced momentum and turned somewhat flat, indicating the possibility of a bounce in the next trading session.<\/p>\n

Get free access to our lifetime VIP membership. Join us here.<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Gold prices plunged today, shedding 1.50% to hit a five-day low of $2,399 per ounce. This decline comes amid concerns about China’s economic growth and speculation surrounding former President Donald Trump’s potential return to office, which is strengthening the US dollar. Gold prices took a tumble on Friday, shedding over 1.5% to settle around $2,400. 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