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Gold Technical Analysis: Price of Gold is in Neutral Position

From dailyforex.com

In general, the price of gold is coming out of its seventh consecutive monthly loss, adding to its year-to-date loss by about 10%. Silver, the sister commodity to gold, is targeting $20. Overall, the white metal suffered a decline in October of more than 5%, bringing its decline in 2022 to nearly 16%. The main driver of the metals gains was a weak dollar. The US Dollar Index (DXY), which measures the performance of the US currency against a basket of major currencies, took a breather on Tuesday, dropping 0.05% to 111.48, from an opening at 111.53. The index recorded record gains in 2022, rising more than 16%, which ... (full story)

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