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Published: 24 August 2026,09:51
Daily Market Analysis New
Key Takeaways:
*US dollar continues to weaken as markets digest the Treasury’s bond-buyback programme
*Investors are increasingly pricing in a debasement trade amid concerns over US debt sustainability
*Treasury intervention highlights Washington’s sensitivity to elevated long-term yields
*Gold remains supported as institutional investors reassess exposure to bonds and alternative stores of value
The Dollar Index, which tracks the greenback against a basket of six major currencies, continued to extend losses as market participants digested the US Treasury Department’s expanded bond-buyback programme. The move has encouraged investors to reassess the outlook for long-term yields, US fiscal sustainability, and confidence in the dollar.
Institutional funds are increasingly pricing in a weaker dollar as the debasement trade gains momentum. While Treasury buybacks are designed to support market liquidity and reduce pressure in long-dated bonds, the policy has also raised concerns that Washington is becoming more sensitive to elevated borrowing costs.
Treasury Secretary Scott Bessent’s intervention has therefore become a major market signal. By stepping in to contain pressure on long-term yields, the Treasury has effectively revealed how much higher borrowing costs could strain the US fiscal position. This has strengthened concerns that rising debt levels may become a larger issue for markets over the coming years.
Adding to the pressure on the dollar, billionaire investor Ray Dalio, founder of Bridgewater Associates, has warned about the risk of a potential US debt crisis and suggested that it could emerge within the next few years. His decision to reduce exposure to bonds and increase allocation toward gold has further reinforced the view that institutional investors are becoming more cautious toward traditional government debt.
Gold prices continued to edge higher as the dollar weakened. A softer greenback makes dollar-denominated bullion more attractive to foreign buyers, while concerns over US debt sustainability have strengthened gold’s appeal as an alternative store of value.
At the same time, lower long-term yields reduce the opportunity cost of holding non-yielding assets such as gold. As investors become more concerned about fiscal deficits, debt expansion, and the long-term credibility of US assets, demand for gold has remained supported.
Overall, the market is increasingly connecting Treasury intervention with broader concerns over debt sustainability and dollar weakness. As long as investors continue to price in fiscal risks and lower confidence in long-term US bonds, gold may remain well supported in the near term.
Technical Analysis
GOLD, H4:
Gold prices are trading higher after breaking above the previous 4,545.00 resistance level, reinforcing the bullish structure in the near term.
If bullish momentum persists, gold could extend gains toward the next resistance level at 4,700.00, followed by 4,900.00 if upside momentum strengthens further.
However, momentum indicators are showing early signs of caution. Both the MACD and RSI are forming bearish divergence, suggesting that upside momentum may be weakening despite the recent breakout.
If the MACD begins to turn lower and bullish momentum fades, gold may experience a short-term technical correction and retest 4,545.00 as the key support level. A break below this level could expose further downside toward 4,435.00.
Resistance Levels: 4,700.00, 4,900.00
Support Levels: 4,545.00, 4,435.00
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