Gold fell to a near 6-month low as on Thursday the US Treasury yields edged higher and the strong dollar delivered a one-of-a-kind punch to the bulls yellow metal.
Minutes of the Fed's July meeting showed midweek that most members of the rate-setting committee favored higher rates to curb inflation.
The prospect of higher US interest rates bodes ill for gold, as it increases the opportunity cost of investing in non-yielding assets. This perception has battered the yellow metal until 2023 and is expected to continue to weigh on gold until the Fed decides to start cutting rates.
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The main signal is to SELL around the price zone 1902 - 1905
Stoploss : 1912
TP : 1895 TP : 1890
Trade active
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There is no notable news today, so everyone trade gently to preserve profits
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Note: Nova wishes traders to manage their capital well - Take the number of lots that match your capital - Takeprofit equal to 4-6% of capital account - Stoplose equal to 2-3% of capital account - The winner is the one who sticks with the market the longest