Gold breakout and downtrend continues

٢٧ سبتمبر ٢٠٢٣

Gold fell sharply in the context of US Treasury bond yields reaching a 16-year high and profit-taking activities leading to a sell-off of precious metals.
Gold is also under pressure from the USD hanging high near a 6.5-month peak. The DXY index (which measures the movement of the USD against 6 major currencies) is near 106 points
Gold also decreased because a commodity closely related to gold, oil, dropped sharply. Petroleum demand is forecast to be suppressed as major central banks keep interest rates high for a long time.
North Sea Brent oil price dropped to 92.8 USD/barrel, while US light sweet crude oil price (WTI) dropped to 89.3 USD/barrel