Gold price is trading close to the five-week lows of $1,899 set on Tuesday, as the United States Dollar (USD) bulls take a breather amid a minor corre
US Dollar keeps its bullish tone intact while US Treasury bond yields correct.Gold price is trading close to the five-week lows of $1,899 set on Tuesday, as the
Gold price could also find support from record-high premiums in the Chinese physical bullion market. According to Bloomberg, the market for bullion in China has surged this month, at times commanding a record premium over international prices of more than $100 an ounce, compared with an average over the past decade of less than $6.” Meanwhile. China's gold imports via Hong Kong rebounded in August from the previous month, which could render Gold price supportive.
The further downside appears more compelling, as the 50 DMA has crossed below the 200 DMA, confirming a Death Cross a day ago. If Gold sellers find a strong foothold below the $1,900 support, a fresh sell-off toward the August 21 low of $1,885 will be on the cards. The next downside target is seen at the $1,970 static support.
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