Gold today is losing its brilliance, King Dollar reminds of itself

Gold today is depressed due to the closure of previous long positions, with market participants starting to look for a more comfortable positioning before the FOMC on 31.07.2019. We have a risk-off, but today gold is down. Sales increased with an attack of 50 Fibonacci in the zone at 1410.10 after a better state auction for bonds. US $ 32 billion in US $ 2.27 was sold out with a yield of 1.967%, and was expected to be priced at 2.44 at a yield of 1.955%. This pushed the dollar up and further down the yen and gold.

Down below is Fibon level 50, and if sellers increase, the front is expanding to 38.2 Fibo in the area around 1403.26, 23.6 Fibo at 1394.79. This will mean that the wedge is also pierced. The latest levels of protection will be the zone at 1381.01.

It may be assumed that the market is preparing for a cheaper long-term settlement, and today's successful bond auction is one of the last investors to start turning to gold in the long run, with declining yields on global bonds whose market outperforms $ 13 trillion. Here we are talking about a medium-term depreciation of gold, but market players are definitely preparing to trade the Fed's interest rate decision.

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