Gold drops to five-week low as firm dollar

Gold price traded on Kitco floor at 1911.8 USD/oz, up 4.4 USD/oz compared to late afternoon of 14/8. According to many analysts, the gold market is unlikely to break out in the short term in the context of the US Federal Reserve's (Fed) policy of tightening interest rates.

According to Clifford Bennett, chief economist at ACY Securities, gold is likely to remain under pressure and could fall as low as $1,900 an ounce or even $1,880 an ounce.

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Precious metals see 5-week bottom as pressured by USD recovery. At the same time this morning, the US Dollar Index measuring the volatility of the greenback rose above 103 points, taking away the attractiveness of gold to buyers holding other currencies. Gold bulls are also timid as gold's technical factors are falling.

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Gold continues to make downside progress after breaking below the rising support line from February. This has continued to mark a meaningful shift away from what was the dominant uptrend between the end of last year and up until early April. With that in mind, the technical landscape is appearing increasingly bearish.

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