- August 3, 2022
- Posted by: Stratford Team
- Category: Economy
Gold is always greatly influenced by dollar strength or weakness. Because gold is paired against the U.S. currency, the dollar is always a major component of price changes. Today extreme dollar strength was the dominant driving force that caused a modest decline in gold pricing.
The dollar has had a trading range of 1.27% from the daily low to the daily high. The dollar index opened at 105.25 today and within the first 4 hours traded to its low of 104.92. As of 4:40 PM EDT, the dollar is trading just off its high of 106.20, currently fixed at 106.19 after factoring in today’s gain of 0.854 points or 0.81%.
Starting in the third week of February, the dollar has been trading above its 50-day moving average which is technical confirmation that the dollar is firmly entrenched in a short-term bullish trend. For the last five months, the dollar has remained above the 50-day moving average and confirmed that support is at the 50-day M.A. on…
