Gold Down, Near Two-Week Lows as Dollar Strengthens
09 Sep 2021
Gold was trading 0.38% up at $1800.40.
Gold was down on Thursday morning in Asia, remaining near two-week lows. A strengthening dollar Index Futures contributed to the yellow metal’s losses, while investors also await the European Central Bank (ECB)’s latest policy decision.
Gold Futures were down 0.21% to $1,789.75 by 12:18 AM ET (4:18 AM GMT) after hitting $1,781.30, its lowest level since Aug. 26, during the previous session. The dollar, which usually moves inversely to gold, inched up on Thursday.
The ECB will hand down its policy decision later in the day, where it is widely expected to begin asset tapering while keeping support steady in the years to follow.
Meanwhile, the Bank of Canada kept its interest steady at 0.25% as it handed down its policy decision on Wednesday.
Investor focus is now on whether the U.S. Federal Reserve will begin asset tapering within the year after a disappointing U.S. jobs report released during the previous week. The ever-rising number of COVID-19 daily cases and deaths in the country also continues to be of concern.
In other precious metals, platinum was down 0.4% and silver inched down 0.1%. Palladium eased 0.2% to $2,245.89, after hitting $2,213.95, its lowest level since Feb. 2, on Wednesday.
Gold , RSI Stood at 48.821, the current price is trading Below All the Moving Averages. So, a Sell trade can be executed with the following target and stop-loss:
TRADE SIGNAL-Gold– Sell: 1800.70, TARGET:-1750.70, STOP LOSS:- 1825.70.