Commodities Analysis by Investing.com (Barani Krishnan) covering: XAU/USD, US Dollar Index Futures, Gold Futures, SPDR® Gold Shares. Read Investing.com (Barani Krishnan)'s latest article on Investing.com
Dollar Index might be eyeing 109, after piercing through much-watched 107 levelThe world’s supposedly preferred “safe-haven” is not being treated as such as the global economy shudders from the possibility of more inflationary and rate hike pain. Its nemesis instead wears the crown, sitting atop the current market upheaval.
“We’ve entered the 12th week of a consistent bullish advance, with DXY finally testing the 107.18 critical zone, which is the 50% level of Fibonacci retracement from the previous major down wave where it went from 114.78 to 99.58. If this zone acts as effective resistance, markets are likely to witness a pull back to the 38.2% Fibonacci zone of 105.39.
“It will likely be appropriate to raise rates further and hold them at a restrictive level for some time. Inflation remains too high.” At the time of writing, gold’s most-active futures contract on New York’s Comex, December, hovered at just under $1,837 an ounce, continuing the bear streak in the yellow metal for an eight straight day in a rout that has already cost longs in the game nearly 6%.The benchmark for U.S. gold futures tumbled 4% last week for its biggest weekly decline since the week ended June 11, 2021. Comex gold also wrapped the third quarter down 3% after a 4% drop in the second quarter.
”If DXY maintains stability below the 107.20 resistance, the potential for spot gold’s further decline below the 200-week SMA, or Simple Moving Average, of $1,815 may be limited.
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