The Treasury yield curve has been the main factor pushing gold prices up. However, the increasing inflationary concerns-led earlier Fed's tightening calls keep the upbeat tone intact around XAU/USD, limiting any upside attempts in this pair of currencies by limiting its upward movement.
The growing interest rates due to an increase in the need for tighter security measures on loans and mortgages paired with easing monetary policy by central banks like JP Morgan Chase ( JPM ) were primarily responsible for a flattening trajectory following last month's 5% hike from 0%.
Gold is currently trading near its horizontal support at $1760. A break below the support could signal more downside for gold prices nearly $1745/1750 price zone.
Further south still lies multi-week lows seen around $1720/1725, where short covering has been persistent enough that even though no clear signs are pointing towards selling pressure abating soon now.
On the flip side, Gold may continue its uptrend again if it can break and be stable above $1780. after breaking above $1780, the following relevant target is the $1795/1800 price zone.
The growing interest rates due to an increase in the need for tighter security measures on loans and mortgages paired with easing monetary policy by central banks like JP Morgan Chase ( JPM ) were primarily responsible for a flattening trajectory following last month's 5% hike from 0%.
Gold is currently trading near its horizontal support at $1760. A break below the support could signal more downside for gold prices nearly $1745/1750 price zone.
Further south still lies multi-week lows seen around $1720/1725, where short covering has been persistent enough that even though no clear signs are pointing towards selling pressure abating soon now.
On the flip side, Gold may continue its uptrend again if it can break and be stable above $1780. after breaking above $1780, the following relevant target is the $1795/1800 price zone.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.