Gold price is trending down ? Why ?

١٣ نوفمبر

World gold prices dropped to their lowest level in nearly 2 months due to pressure from the strong recovery of the USD. Recorded at 8:33 a.m. on November 13, the US Dollar Index measuring the fluctuation of the greenback with 6 major currencies was at 105,897 points (up 0.04%).

The inverse relationship between gold and the USD seems to have disappeared in recent times. However, since the US presidential election, this relationship has returned strongly.

The USD is expected to benefit from some of the policies of US President-elect Donald Trump, as they will likely cause US interest rates to remain relatively high for a longer period of time and that will be unfavorable environment for gold.

Next week's economic calendar is quite bleak, especially when compared to last week's boom. The main economic news events to watch will be the US core CPI on Wednesday. The US Federal Reserve (FED) is expected to closely monitor CPI for signs that consumer inflation is continuing on its path towards 2%.

Thursday's US PPI report, weekly jobless claims data and Friday morning's US retail sales release for October will also provide specific data on Americans' purchasing power in the current high-cost environment.

🔥 GOLD BUY 2590 - 2592🔥

💵 TP1: 2600
💵 TP2: 2610
💵 TP3: OPEN

🚫 SL: 2583

🔥 GOLD SELL 2628 - 2630🔥

💵 TP1: 2620
💵 TP2: 2610
💵 TP3: OPEN

🚫 SL: 2637