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The yellow metal was lower once again this week, printing its fifth consecutive losing week, as the US Dollar climbed higher on global geopolitical tensions. With the Fed having reaffirmed its commitment to continuing its tightening program this year, and data continuing to print firmly, USD has been enjoying a renewed rally over recent weeks after taking a pause over the early summer.


The market is now less concerned about the impact of Trump’s trade policies on the domestic economy and is instead focusing on the rates story which is propelling USD and weighing on Gold. Interestingly, this is distinct from what we are seeing in other currencies such as GBP where the political story is dominating rates and acts as the main market driver. For now, Gold seems poised for further declines as the market continues to build its USD upside exposure.

forex trading chart

After breaking down through the December 2017 low of 1235.95, Gold is now challenging the July 2017 low of 1205.29 where prices are current...

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