The small collapse.. Gold continues to decline, and the dollar is waking up

The small collapse.. Gold continues to decline, and the dollar is waking up
The small collapse.. Gold continues to decline, and the dollar is waking up

Gold futures fell today, Thursday, May 18th, during the Asian session.

According to the Comex classification of the New York Mercantile Exchange, gold futures contracts in June were trading at USD1,984.80 an ounce at the time of writing, down by 0.01%.

It was previously trading on a session low of USD1,984.00 an ounce.

Gold may find support at USD1978.10 and resistance at USD2027.80.

The dollar index futures, which measures the performance of the greenback against a basket of six other major currencies, rose 0.03% to trade at USD102.76.

Meanwhile on the Comex, silver for July fell 0.13% to trade at USD23.86 a troy ounce while copper for July rose 0.07% to trade at USD3.75 a pound.

To this, the dollar settled near its highest level in seven weeks on Thursday, after positive indications from US President Joe Biden and Republican House Speaker Kevin McCarthy regarding debt ceiling talks.

On Wednesday, Biden and McCarthy confirmed their intention to reach an agreement soon to raise the government debt ceiling of $ 31.4 trillion, after they agreed the day before to conduct direct negotiations after a months-long stumbling block.

A sudden rise in Treasury yields helped the dollar rise, and the dollar index, which measures the US currency against a basket of currencies, remained near the seven-week peak it recorded in the previous session, and reached 102.86 in the latest trading.

The euro is under pressure, making it near its lowest level in six weeks at $1.0841.

The single European currency reached $1.08105 on Wednesday, its lowest level since April 3.

As for the Japanese yen, it reached 137.50 per dollar in its latest trading, after declining by about one percent on Wednesday.