Gold price drops over 1% on global market sell-off

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Gold أخبار

XAUUSD,Riskaversion,SEO

Gold price dropped over 1% during Monday’s North American session but recovered after hitting a new six-day low of $2,364 amid a worldwide market sell-off spurred by last week’s softer-than-expected data in the United States (US).

Gold dips to $2,364, a six-day low, then recovers above $2,400. Market turmoil stems from weak US data, anticipates 50 bps Fed cut in September. US Dollar Index falls 0.50% to 102.70; 10-year Treasury yield to 3.783%. Rising Middle East tensions buoy Gold; US base in Iraq hit by missiles.

Technical analysis: Gold price tumbles but stays above $2,400 Gold price retreated to the 50-day Simple Moving Average at $2,365 during the European session before bouncing off that level and clinched the $2,400 figure. Despite that recovery, momentum still favors sellers. The Relative Strength Index is about to turn bearish after falling steeply during the last three days and is about to cross below the RSI’s neutral line. Once surpassed, this could accelerate Bullion’s losses.

 

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