Markets will see a lot happening today in terms of economic data. How will the yellow metal behave? Let find out with this 2 October Gold fundamental Outlook from OctaFX.
2 October, OctaFX - The US dollar rose against a basket of global competitors on Monday, as positive momentum returned to the world’s most actively traded currency. The dollar index (DXY) was up 0.3% at 93.36 in Asian trade.
Gold Fundamental Outlook
Gold prices have been in a perpetual state of decline for the past three weeks. After a sharp rally last Monday, prices resumed their descent to reach one-month lows on the Comex division of the New York Mercantile Exchange. Spot gold was down 0.3% on Monday to trade around $1,275.00 a troy ounce.
Bullion is approaching oversold territory on the 15-minute Relative Strength Index (RSI). The MACD is also trekking in negative territory, confirming the sell signal. These data points suggest that the bears remain in firm control of the near-term outlook.
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