Strong USD sends gold to a 3-week low
<p><a href="https://api.addthis.com/oexchange/0.8/forward/facebook/offer?url=https%3A%2F%2Fwww.marketpulse.com%2Fcrypto%2Fstrong-usd-sends-gold-to-a-3-week-low%2Femoya&pubid=ra-525512e4690e068c&title=Marketpulse%20%7C%20Home&ct=1" target="_blank"><img src="https://cache.addthiscdn.com/icons/v3/thumbs/32×32/facebook.png" border="0" alt="Facebook" /></a><a href="https://api.addthis.com/oexchange/0.8/forward/twitter/offer?url=https%3A%2F%2Fwww.marketpulse.com%2Fcrypto%2Fstrong-usd-sends-gold-to-a-3-week-low%2Femoya&pubid=ra-525512e4690e068c&title=Marketpulse%20%7C%20Home&ct=1" target="_blank"><img src="https://cache.addthiscdn.com/icons/v3/thumbs/32×32/twitter.png" border="0" alt="Twitter" /></a><a href="https://api.addthis.com/oexchange/0.8/forward/email/offer?url=https%3A%2F%2Fwww.marketpulse.com%2Fcrypto%2Fstrong-usd-sends-gold-to-a-3-week-low%2Femoya&pubid=ra-525512e4690e068c&title=Marketpulse%20%7C%20Home&ct=1" target="_blank"><img src="https://cache.addthiscdn.com/icons/v3/thumbs/32×32/email.png" border="0" alt="Email" /></a></p><ul>
<li class="_ParagraphElement_yyl4z_19" data-slate-block="regular" data-slate-type="paragraph" data-slate-value="{"type":"paragraph","children":[{"text":"After hitting a one-month low, GBP/USD is in this awkward moment as the BOE seems easily positioned to deliver more tightening than the Fed, but that could be followed by a stronger economic performance by the US economy. The global bond market selloff could also rattle markets and lead to strong safe-haven flows towards the US dollar and Japanese yen. If the greenback remains bid, GBP/USD could see downside momentum target the 1.2600 region. To the upside, the 1.2825 level provides initial resistance."}]}" data-slate-node="element">Crude prices rally after Saudis signal output cuts can be extended or deepened</li>
<li data-slate-block="regular" data-slate-type="paragraph" data-slate-value="{"type":"paragraph","children":[{"text":"After hitting a one-month low, GBP/USD is in this awkward moment as the BOE seems easily positioned to deliver more tightening than the Fed, but that could be followed by a stronger economic performance by the US economy. The global bond market selloff could also rattle markets and lead to strong safe-haven flows towards the US dollar and Japanese yen. If the greenback remains bid, GBP/USD could see downside momentum target the 1.2600 region. To the upside, the 1.2825 level provides initial resistance."}]}" data-slate-node="element">Gold struggles as bond market selloff extends; 10-year Treasury rises 11.4bps to 4.191%</li>
<li data-slate-block="regular" data-slate-type="paragraph" data-slate-value="{"type":"paragraph","children":[{"text":"After hitting a one-month low, GBP/USD is in this awkward moment as the BOE seems easily positioned to deliver more tightening than the Fed, but that could be followed by a stronger economic performance by the US economy. The global bond market selloff could also rattle markets and lead to strong safe-haven flows towards the US dollar and Japanese yen. If the greenback remains bid, GBP/USD could see downside momentum target the 1.2600 region. To the upside, the 1.2825 level provides initial resistance."}]}" data-slate-node="element">Bitcoin’s tight range narrows to $28,900 to $30,100</li>
</ul>
<p class="_ParagraphElement_yyl4z_19" data-slate-block="regular" data-slate-type="paragraph" data-slate-value="{"type":"paragraph","children":[{"text":"Oil"}]}" data-slate-node="element"><span data-slate-node="text">Oil</span></p>
<p class="_ParagraphElement_yyl4z_19" data-slate-block="regular" data-slate-type="paragraph" data-slate-value="{"type":"paragraph","children":[{"text":"Crude prices rallied after the Saudis did what everyone expected them to do, they extended output cuts. The Saudis are doing whatever it takes to defend oil prices and that could mean we could be seeing $90 oil soon. The only thing getting in oil’s way is a weakening global outlook as several advanced economies are starting to feel the impact of central bank tightening. "}]}" data-slate-node="element"><span data-slate-node="text">Crude prices rallied after the Saudis did what everyone expected them to do, they extended output cuts. The Saudis are doing whatever it takes to defend oil prices and that could mean we could be seeing $90 oil soon. The only thing getting in oil’s way is a weakening global outlook as several advanced economies are starting to feel the impact of central bank tightening. </span></p>
<p class="_ParagraphElement_yyl4z_19" data-slate-block="regular" data-slate-type="paragraph" data-slate-value="{"type":"paragraph","children":[{"text":"A strong dollar has been getting in oil’s way, but that might not extend much longer if sentiment improves once we get beyond mega-cap tech earnings and the NFP report. The short-term crude demand outlook should hold up as it is clear as day that the US economy is weakening, albeit at a slow pace. "}]}" data-slate-node="element"><span data-slate-node="text">A strong dollar has been getting in oil’s way, but that might not extend much longer if sentiment improves once we get beyond mega-cap tech earnings and the NFP report. The short-term crude demand outlook should hold up as it is clear as day that the US economy is weakening, albeit at a slow pace. </span></p>
<p class="_ParagraphElement_yyl4z_19" data-slate-block="regular" data-slate-type="paragraph" data-slate-value="{"type":"paragraph","children":[{"text":"Gold"}]}" data-slate-node="element"><span data-slate-node="text">Gold</span></p>
<p class="_ParagraphElement_yyl4z_19" data-slate-block="regular" data-slate-type="paragraph" data-slate-value="{"type":"paragraph","children":[{"text":"Gold should start attracting once we see the bond market selloff cool off. The US might have some debt issues over the coming years and that should keep gold supported. While the US economy has been very resilient, the Fed’s work will likely be done after one more rate hike. Gold should start to see stronger safe-haven flows as the stock market seems like it won’t be making a run towards record high territory anytime soon. "}]}" data-slate-node="element"><span data-slate-node="text">Gold should start attracting once we see the bond market selloff cool off. The US might have some debt issues over the coming years and that should keep gold supported. While the US economy has been very resilient, the Fed’s work will likely be done after one more rate hike. Gold should start to see stronger safe-haven flows as the stock market seems like it won’t be making a run towards record high territory anytime soon. </span></p>
<p class="_ParagraphElement_yyl4z_19" data-slate-block="regular" data-slate-type="paragraph" data-slate-value="{"type":"paragraph","children":[{"text":"The strong dollar trade might last a little while longer, so gold’s struggles might see a test of the $1950 region before buyers emerge. "}]}" data-slate-node="element"><span data-slate-node="text">The strong dollar trade might last a little while longer, so gold’s struggles might see a test of the $1950 region before buyers emerge. </span></p>
<p data-slate-block="regular" data-slate-type="paragraph" data-slate-value="{"type":"paragraph","children":[{"text":"The strong dollar trade might last a little while longer, so gold’s struggles might see a test of the $1950 region before buyers emerge. "}]}" data-slate-node="element"><a href="https://www.marketpulse.com/wp-content/uploads/2023/08/Gold-aug-3-23.jpg"><img loading="lazy" class="alignnone size-full wp-image-806819" src="https://www.marketpulse.com/wp-content/uploads/2023/08/Gold-aug-3-23.jpg" alt="" width="736" height="529" srcset="https://www.marketpulse.com/wp-content/uploads/2023/08/Gold-aug-3-23.jpg 736w, https://www.marketpulse.com/wp-content/uploads/2023/08/Gold-aug-3-23-300×216.jpg 300w" sizes="(max-width: 736px) 100vw, 736px" /></a></p>
<p class="_ParagraphElement_yyl4z_19" data-slate-block="regular" data-slate-type="paragraph" data-slate-value="{"type":"paragraph","children":[{"text":"Bitcoin"}]}" data-slate-node="element"><span data-slate-node="text">Bitcoin</span></p>
<p class="_ParagraphElement_yyl4z_19" data-slate-block="regular" data-slate-type="paragraph" data-slate-value="{"type":"paragraph","children":[{"text":"Bitcoin continues to hold onto the $29,000 level as a lot of altcoins weaken as the global bond market selloff extends. Cryptos like dogecoin, Solana, Cardano, were supposed to have greater growth potential, but they are also vulnerable to surging borrowing costs. If global bond yields continue to surge, this could spell trouble for large parts of the cryptoverse, which might see altcoins get sold and those funds might flow back into Bitcoin. "}]}" data-slate-node="element" 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data-slate-node="text">Bitcoin continues to hold onto the $29,000 level as a lot of altcoins weaken as the global bond market selloff extends. Cryptos like dogecoin, Solana, Cardano, were supposed to have greater growth potential, but they are also vulnerable to surging borrowing costs. If global bond yields continue to surge, this could spell trouble for large parts of the cryptoverse, which might see altcoins get sold and those funds might flow back into Bitcoin. </span></p>
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