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- Gold: Bearish pressures mounting - OCBC
Gold: Bearish pressures mounting - OCBC
FXStreet reports that Howie Lee, Economist at OCBC Bank, notes that gold is likely to face further downside pressure, especially if the dollar continues to firm. XAU/USD has started the week trading listless around $1860.
“Gold broke below $1900/oz last week and bulls have not shown any inclination to buy on dips despite prices being at a two-month low.”
“With the dollar expected to continue strengthening in the current risk-off environment, the inverse correlation between gold and the dollar may push gold further down in the immediate future.”
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