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Gold rate strengthened to $ 1,750 taking advantage of dollar weakness

The dollar is not doing well this week. The USD index is correcting down from recent highs in tandem with bond yields. The demand for risk prevails on world markets, which has increased after the publication of the minutes of the FRS meeting. The regulator reaffirmed the course of maintaining a soft monetary policy until employment is fully restored, while pointing to an improvement in economic indicators, which delighted investors and added problems to the dollar. In the longer term, a rapid economic recovery and acceleration of inflation may well push the central bank to an earlier start of discussions on reducing incentives. … But at this stage, since the Fed assures the markets of the opposite, this slightly reduces the attractiveness of the US currency. Apart from most of the USD competitors in the Forex market, the beneficiary of the current depreciation is gold, which resumed its growth today after a short pause the day before. The yellow metal is trading at three-week highs, approaching $ 1,750 per troy ounce, which acts as intermediate resistance on the way to the next target in the $ 1,756 region. From a technical point of view, it is important that the quotes are now receiving support from the 20-day moving average, which previously acted as resistance, while the bullish potential of gold still looks limited. First, the increased demand for risk hinders the more confident development of momentum. Secondly, buyers are wary of the risks of a renewed dollar rally, which continues to trade in an uptrend despite the current pullback ._________________________ Nikolay Pereslavsky, Economic and Financial Research Officer, CMS Institute

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