Gold Price News and Forecast: XAU/USD drops below $1,730 amid higher US Treasury yields [Video]
|Gold reverses, indices ready for the new ATH [Video]
In today’s Traders Edge Market Briefing, Tomasz found these amazing setups we thought you’d find interesting! Gold extends the bearish correction giving chance to bulls, who missed the initial buying opportunity from the beginning of the month. Silver bounces from a crucial mid-term horizontal support. Read more...
Gold Price Analysis: XAU/USD drops below $1,730 amid higher US Treasury yields, ahead of CPI
Gold extends decline for the second straight session in the European session. The price refreshes the swing lows near the $1,722 region and maintains downside bias against the US dollar. At the time of writing, XAU/USD is trading at $1,728.15, down 0.26% on the day.
The US dollar index (DXY) recovers swiftly from the intraday lows around the 92.10 level and is pushing XAU/USD into the lower territory. The upbeat US economic outlook continues to underpin demand for the US dollar. Read more...
Gold Price Analysis: XAU/USD to move downward as market focuses on higher yields – OCBC
Strategists at OCBC Bank estimate gold’s fair value range at $1625-$1725. With spot gold currently trading at around $1730, there is scope for XAU/USD to correct downwards. Gold is relatively rich compared to the current levels of US 10-year Treasury yield.
“We have been highlighting gold’s appeal as an inflationary hedge since the start of the year but the market appears to place that feature as a low priority, preferring to ride along the inflation/reflation theme by piling into risk assets.” “The mood surrounding Treasury yields has shifted and the market is now looking at how much higher rates can go, which in essence is negative for gold prices.” Read more...
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