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Gold falls back below $2000 in $30 drop

Gold is down $230 to $1990 and that's the lowest level since May 1.The $2070 zone of major resistance continues to hold and the $2000 level had held in two previous selloffs this month before breaking today. The gold market is soft today as the odds of a further fed hike next month creep up to 22% from 12% on strong retail sales, industrial production and home-builder sentiment.The US dollar is strong today across the board and 10-year Treasury yields are up 5.6 bps to 3.56%.There is support dow... Read More

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Content Topics

Gold

Falls

Back

Below

2000

Drop

Forex

Posted: May 16 2023, 18:37

Author Name: forexlive

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