Gold Price News and Forecast: XAU/USD remains pressured below $1770 amid higher treasury yields
|Gold Price Analysis: XAU/USD tests key Fibo resistance at $1,775
Despite the heavy selling pressure surrounding the greenback, the XAU/USD pair posted losses on Monday as the recovering US Treasury bond yields made it difficult for gold to find demand. With the benchmark 10-year US T-bond yield losing nearly 1% on Tuesday, however, the pair managed to regain its traction and was last seen gaining 0.2% on the day at $1,774.70.
Gold is currently trading around the Fibonacci 23.6% retracement of the latest uptrend that started on Thursday and lasted for three trading days. If XAU/USD manages to close a four-hour candle above that level, it could look to test $1,790 (Monday high) ahead of $1,800 (psychological level). Read more...
Gold Price Analysis: XAU/USD remains pressured below $1770 amid higher Treasury yields
Gold (XAU/USD) remains under pressure for the second straight session on Tuesday, looking to extend Monday’s correction from seven-week highs of $1790.
The spot currently trades 0.15% lower at $1768, having hit a two-day low of $1765 in the last hour.
The sentiment around the non-yielding gold remains undermined by the ongoing recovery rally in the US Treasury yields across the curve amid a revival of the reflation trades. The benchmark 10-year US rates are back near the 1.63% mark, up 1.60% on a daily basis. Read more...
Gold Price Analysis: XAU/USD struggles for direction, stuck in a range around $1,770 level
Gold lacked any firm directional bias and seesawed between tepid gains/minor losses, around the $1,770 level through the Asian session on Tuesday.
A combination of diverging forces failed to provide any meaningful impetus to the XAU/USD and led to subdued/range-bound price moves through the first half of the trading action. The underlying bullish sentiment in the financial markets was seen as a key factor that undermined the safe-haven precious metal. This, along with a modest uptick in the US Treasury bond yields, capped the upside for the non-yielding yellow metal. Read more...
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