The price of gold is difficult to recover due to growth concerns, USD is strengthened. The price of gold is sold to the Sahin Fed minutes and this year gives signals decreasing. Before Kriptokoin.comAs we have mentioned, the dollar bulls warms up, Covid fears increase their power. While the markets intimidate FOMC, the bears returned to the city. Gold fell by around $ 1,778 by 0.52 %during the day, and the European traders are preparing for Thursday.
Factors affecting the price of gold
Gold has worsened the market feeling between the fears of the corona virus, and shows its biggest daily losses since the fall on August 09. There may be rumors about the growth figures and the Fed, which supports gold sellers, the tightening of Delta Covid, raised by global banks and rating agencies. However, the US dollar index (DXY) jumped to the highest level of nine months, as the market joined a technical breakage of the risk of escaping from the risk.
Forward -looking, the gold traders must separate their eyes from virus updates and GDP from the relevant headings that are reduced for a fresh acceleration. In addition, the US unemployment applications, which have an expectation of 363K and 375k for the week ending on August 13, and the Philadelphia Fed manufacturing survey in August, 23 is also important (against the previous 21.9). The price of gold is pressing on the bottom levels of around $ 1780, and the downward side is looking for a continuous break below to expand the downward side to the $ 1750 support area. Since the US dollar protects the high floor in the midst of the double booster shooting, the feeling of fall is dominated by the price of gold.
The Fed meeting minutes in July showed that the authorities discussed their plans to contraction before the end of this year, which strengthened the hand of dollar optimists. Meanwhile, the increasing fears of Delta Covid variant support the demand for safe harbor for the dollar by focusing on the mood of the market. When we look forward, due to the lack of US economic news, Covid updates and dynamics in the dollar will continue to have a significant impact on the gold price. Sahin Fed expectations will probably keep the golden bulls in defending. However, trading activities, which avoid the risk of global stocks with the weak treasury, can provide some relief to the golden bulls.
Daily graph of gold
Looking at the daily graph of gold, the 21 -day moving average (DMA) was not accepted above the critical short -term resistance in $ 1788 and the price returned. Bears are now trying to raise the lowest level of Wednesday, the lowest level of Wednesday, to warm up to $ 1770. Further, psychological support of $ 1750 may be activated if the negative direction is emphasized.
The 14 -day relative power index (RSI) changed the route and re -entered the decline area by supporting a potential decrease. In the upward direction, the daily closing over 21-DMA is critical to revitalize the acceleration of the gold from the five-month bottom levels of gold. The bulls will then fight with 50-DMA for a decline tendency for $ 1795. However, a continuous break of more than $ 1800 can eliminate short -term downward prejudice. The level to be passed for gold bulls is on the 100-DMA resistance line of $ 1808.
