Dollar’s retreat from two-month highs puts brakes on gold sell-off. Gold’s daily chart shows the market has turned indecisive. Risks, however, remain skewed in favor of deeper losses. Gold bears are taking a hiatus amid the US dollar’s pullback from two-month highs. Indecisive market The yellow metal witnessed two-way business and closed on a flat note on Thursday, forming a Doji candle – an indecision sign. The selling ran out of steam at $1,848 as the uptrend in the dollar index (DXY) paused at 94.59, the highest level since July 24. The DXY closed Thursday at 94.33 and remains sidelined near that level at press time. Meanwhile, gold is currently trading near $1,863 per ounce, having ended Thursday at $1,867. Downside risks persist While the dollar index has pulled back from multi-week highs in the last 12 hours or so, the upside breakout from the two-month trading range of 92.00-94.00 confirmed earlier this week is still valid. Besides, disappointment that Federal Reserve’s recent decision to adopt average inflation targeting did not translate into more stimulus, renewed coronavirus fears, and growth concerns could continue to push the dollar higher in the run-up to the US elections. As such, the path of least resistance for gold appears to be on the downside. Technical levels FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Australia reports Trade Surplus of AUD4,294 million in August, as both imports and exports drop FX Street 2 years Dollar's retreat from two-month highs puts brakes on gold sell-off. Gold's daily chart shows the market has turned indecisive. Risks, however, remain skewed in favor of deeper losses. Gold bears are taking a hiatus amid the US dollar's pullback from two-month highs. Indecisive market The yellow metal witnessed two-way business and closed on a flat note on Thursday, forming a Doji candle – an indecision sign. The selling ran out of steam at $1,848 as the uptrend in the dollar index (DXY) paused at 94.59, the highest level since July 24. The DXY closed Thursday at 94.33 and remains sidelined… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
