The safe-haven rally is hitting a wall. As the US dollar flexes its muscles, Gold prices are slipping to key support levels. Swipe for the data. ➡️
A firm US dollar is making Gold expensive for global holders. Yaani, as the greenback rises, the incentive to hold non-yielding assets like Gold vanishes.
Silver took a beating earlier, hitting a three-week low. However, it is showing some resilience now, attempting a minor recovery amidst the chaos.
The nomination of Kevin Warsh has signaled a hawkish shift. Higher for longer interest rates are the enemy of Gold, and the market is pricing that in right now.
I mean, big funds are locking in profits. After a record-breaking run, the smart money is rotating out of metals and back into USD-denominated yields.
Gold has broken through several support lines today. Traders are now watching the $2,650 and $2,600 marks very closely. If these fail, expect more pain.
Basically, a stronger dollar makes imports expensive for the world's biggest Gold consumers. Physical demand might slow down if the USD doesn't cool off.
With US Treasury yields spiking, investors are choosing guaranteed $ dollar returns over the perceived safety of bullion. It is a classic risk-reward shift.
You know, some analysts see this as a healthy correction. However, until the dollar momentum stabilizes, catching this falling knife could be dangerous.
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