Gold Jun '24 (GCM24)
Gold Futures Market News and Commentary
The dollar index (DXY00) on Monday fell by -0.05%. Â The dollar gave up an early advance on Monday and turned lower after the New York Post reported that Vice President Vance is on his way to Pakistan for talks with Iran, and that President Trump is open to meeting with Iranian leaders, boosting the chances of a resolution to the war.
The dollar initially moved higher on Monday amid ramped-up tensions in the Middle East after Iran on Saturday said the Strait of Hormuz was closed for shipping following a refusal by the US to lift a naval blockade of Iran's vessels. Also, the US Navy fired upon and boarded an Iranian-flagged cargo ship in the Gulf of Oman, the first seizure in the US blockade of the Strait of Hormuz. Falling stocks today are also boosting liquidity demand for the dollar. In addition, Monday's +6% jump in WTI crude oil prices raises inflation expectations, which are hawkish for Fed policy and supportive of the dollar.
The UK reported Saturday that a tanke... Read more
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The dollar index (DXY00 ) on Monday fell by -0.05%. The dollar gave up an early advance on Monday and turned lower after the New York Post reported that...
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Educational and Actionable information using Fibonacci and W.D. Gann analysis.
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