Gold goes up as oil goes up in most cases, but does gold go up as the dollar goes down?

Question

Gold goes up as oil goes up in most cases, but does gold go up as the dollar goes down?

Answer 1

Gold goes up when oil goes up because higher oil tends to cause higher inflation.  Higher inflation means the value of the dollar declines.  Since you have to pay dollars to buy gold the price of gold in American dollars increases.

Answer 2

Gold in American dollars does go up as the dollar goes down because we have to pay more dollars due to inflation for a product because our money isn't worth as much.

Answer 3

Yes., if the price of gold is traded in dollar. When the dollor goes down, you will need more dollars to buy the same quality of gold.

Answer 4

Oil and Gold prices are high due to the demand/supply, speculations and other social-eco-political factors. Crude oil is quoted at US dollar therefore certainly the rate would move downwards.

Currently GOLD Price is curling around the median pitchfork line. It is forming the shape of a Flag, which is the indicator of a continual down move.

MACD is not showing any signs of a reverse yet, however price is between MA lines, which can be the indicator of a side move in a short-term.

If price goes below 928.0 and settles beneath the median pitchfork line, it may come down to test the lower pitchfork line at 918.4.

If price comes up to 936.5, it may try to go further and test the upper pitchfork line at 939.7

Movement:

- Short-term down (possible side-way)

Resistance:

- 933.7

- 936.5

- 939.7

- 946.8

Support:

- 928.0

- 918.4