Gold Rebounds in Asia on Dollar Strength and Rising Yields,...

3 авг. 2023 г.

Gold has risen during the morning trading session in Asia, reversing the decline seen overnight in what appears to be a potential technical rebound. The focal point of attention is the increase in Treasury yields and the strengthening of the dollar. These shifts follow a credit downgrade of the U.S. by Fitch and the release of jobs data that exceeded expectations. According to Daniel Dubrovsky, a contributing senior strategist at Daily FX, gold is often seen as an anti-fiat instrument, with its movement inversely correlated to changes in the US Dollar and Treasury yields. In his analysis, Dubrovsky highlights that the outlook for this precious metal appears bearish. Despite this, he notes that retail traders have paradoxically responded by becoming more bullish, as indicated by the contrarian IG Client Sentiment gauge. This, he suggests, serves as a cautionary signal indicating the potential for further losses ahead. As of now, spot gold has increased by 0.2%, reaching a value of $1,937.62 per ounce.

GOLD BUY 1934 - 1936🕯

✅ TP1: 1940
✅ TP2: 1947

❌ SL: 1929