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The inverse correlation of gold and the dollar

The inverse correlation of gold and the dollar | 17 August 2022

17 August 2022, USD/JPY

The inverse correlation of gold and the dollar

USDJPY trading plan:

Gold slipped with rising Treasury yields as traders weighed mixed US economic data and the Federal Reserve’s interest-rate hiking path. Data Tuesday showed a bigger-than-expected drop in US home construction, while production at US factories increased in July for the first time in three months. Bullion has taken a fresh leg down after rising for four weeks as the US currency renewed its ascent and bond yields remained elevated. Gold’s next move may hinge on the minutes from the Fed’s July meeting, which are scheduled for Wednesday and may offer clues on the size of the next rate hike.

Investment idea: buy 134.60 and take profit 135.25.

David Johnson
Analyst of «FreshForex» company
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