Gold fluctuated sharply as investors assessed the latest inflation data from the US. XAU/USD retreats below $1,830 and is set to extend its slide on a break below the $1,820 level, FXStreet’s Eren Sengezer reports.
10-year US T-bond yield is up more than 2% on Wednesday
“The US Bureau of Labor Statistics reported that the Consumer Price Index (CPI) jumped to 4.2% on a yearly basis in April from 2.6% in March. This reading came in much higher than the market expectation of 3.6% and provided a boost to the US Treasury bond yields. At the moment, the benchmark 10-year US T-bond yield is up 2.3% at 1.663%.”
“On the downside, $1,820 (Fibonacci 50% retracement of the January-March downtrend) aligns as the first support. A daily close below that level could open the door for additional losses toward the key support at $1,800 (psychological level, 100-day SMA) and $1,790 (20-day SMA).”
“Resistances are located at $1,850 (Fibonacci 61.8% retracement level, 200-day SMA) and $1,860 (static level).”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.