Gold Price News and Forecast: XAU/USD drops below $1,730 amid higher US Treasury yields [Video]

FXStreet Team FXStreet

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...

XAU/USD

Overview
Today last price	1732.16
Today Daily Change	-0.46
Today Daily Change %	-0.03
Today daily open	1732.62

Trends
Daily SMA20	1731.34
Daily SMA50	1758.19
Daily SMA100	1807.29
Daily SMA200	1858.52

Levels
Previous Daily High	1745.1
Previous Daily Low	1727.42
Previous Weekly High	1758.74
Previous Weekly Low	1721.34
Previous Monthly High	1759.98
Previous Monthly Low	1676.87
Daily Fibonacci 38.2%	1734.17
Daily Fibonacci 61.8%	1738.35
Daily Pivot Point S1	1724.99
Daily Pivot Point S2	1717.37
Daily Pivot Point S3	1707.31
Daily Pivot Point R1	1742.67
Daily Pivot Point R2	1752.73
Daily Pivot Point R3	1760.35

Author

FXStreet Team

FXStreet

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