A strengthening dollar, plus growing expectations that inflation will prove manageable, are adding to the headwinds. Gold traded 1.9% lower at $1,730.13 an ounce by 4:33 p.m. in New York, after earlier tumbling as much as 4.1%. But when yields dropped deeper into negative territory in the past month, gold prices failed to benefit. Inflation FadingWhether rising prices associated with economies reopening will prove transitory or persistent has been a major theme for markets in 2021. Unless gold ends the week above the neckline, which currently lies at approximately $1,760, the outlook would remain weak based on the technical analysis.

Source: Mint August 09, 2021 15:56 UTC