Daily Gold Market Report

Gold cautiously higher ahead of Wednesday’s rate decision
Ned Davis Research goes bullish on gold, bearish on US dollar

(USAGOLD) – 7/24/2023) – Gold is cautiously higher ahead of this week’s Fed meeting scheduled to culminate Wednesday with a rate decision and press conference. It is up $5 at $1969.50. Silver is up 4¢ at $24.73. Ned Davis Research recently downgraded the U.S. dollar from neutral to bearish, according to a Market Watch report late last week, and upgraded gold from neutral to bullish.

“When a global slowdown has been lacking,” says Tim Hayes, the firm’s chief global investment strategist, “the dollar has declined at a per annum rate of -1% whereas gold has gained 10% per annum…” Hayes points to an important technical indicator as further evidence of the changing dollar-gold scenario. In January, gold achieved “a golden cross, when its 50-day moving average rose above the index’s 200-day moving average, while the U.S. dollar saw a death cross.” Since the January crossover, gold is up 7.75%, and the US dollar index is down 2.2%.

overlay line chart showing gold and moving averagesChart courtesy of GoldChartsRUs • • • Click to enlarge

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