Renewed US dollar weakness boosts gold's attraction - London Business News | Londonlovesbusiness.com
Briefly

The US dollar has hit a new low, marking a significant decline this year, having lost approximately 11% since January. This deterioration is attributed to economic uncertainties, particularly around trade tariff discussions affecting the dollar's value. Gold prices are gaining as the weaker dollar enhances purchasing power for non-US dollar investors. Currently, gold trades about 1% higher, within a trading range of $3,120/oz. to $3,500/oz., with expected support at $3,200/oz. The MACD indicator signals caution for gold's future performance, while a 50-day SMA supports its longer-term outlook.
The US dollar continued its relentless decline, hitting fresh lows not seen since February 2022, with an 11% drop recorded since the year's start.
Economic uncertainty surrounding trade tariff talks continues to exert pressure on the US dollar, complicating President Trump's trade agenda and authority over tariffs.
Weaker dollar prices boost international investors' purchasing power, sparking higher demand for gold, which is trading 1% higher and remains within a defined trading range.
Gold’s trading channel is positioned between $3,120/oz. and $3,500/oz., with support at $3,200/oz. expected to hold during initial attempts to break lower.
Read at London Business News | Londonlovesbusiness.com
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