On Wednesday, the US Dollar continued to gain momentum after its turnaround on Tuesday, causing the price of Gold to drop from its eight-week high. Currency markets experienced a significant correction, with the Pound Sterling leading the way due to weak consumer price index data from the United Kingdom. Despite losses in US Treasury bond yields and disappointing housing data, the Greenback managed to make a solid comeback.
The US Dollar Index briefly surpassed the key level of 100.50, causing the price of Gold to test support at 1,970. However, during American trading, sellers of the US Dollar returned as market sentiment remained positive ahead of earnings reports from Tesla Inc. and Netflix. This led to a rise in the price of Gold, pushing it back towards the 1,980 mark.
Conversely, any retracements will face an initial hurdle at the intraday low of 1,976. Gold sellers will then need to breach the previous day’s low and critical support at 1,970.
The US Dollar Index briefly surpassed the key level of 100.50, causing the price of Gold to test support at 1,970. However, during American trading, sellers of the US Dollar returned as market sentiment remained positive ahead of earnings reports from Tesla Inc. and Netflix. This led to a rise in the price of Gold, pushing it back towards the 1,980 mark.
Conversely, any retracements will face an initial hurdle at the intraday low of 1,976. Gold sellers will then need to breach the previous day’s low and critical support at 1,970.
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