Gold losses steam
The yellow metal does not have a very successful period. The last six days showed that gold lost steam and depreciated more than 3% from the high of the current month, which represents $1791 to the price level of $1740. Traders’ mood is changing rapidly with changes in inflation data and possibly the next Fed’s policy. The beginning of the month was predominantly bullish with the lower than expected inflation and possible lower rate hike of 50 bps. The mood has changed; what worked 3 weeks ago isn’t working now.
We have informed about this topic: Fed’s dovishness elevated gold toward $1700
The US dollar index DXY has strengthened by 2% and appreciated the majority of its counterparts. Currently is DXY at the level of 107.850. Silver erased -6.73% and crude oil -11.36%.