Gold prices attempting to keep firm

Gold price is firm on Wednesday, but the precious metal is looking forward to reaching key resistance as the US dollar retreated from fresh highs.

Gold bulls eye a 50% mean reversion with the prospects of a break to $1,735 beyond the said level. Gold price has added to gains on the day, despite some retreat from the New York session highs of $1,719.29.

The precious metal is around 0.8% higher on the day, having risen from a low of $1,691.46 to a high of $1,719.29 as the dollar and treasury yields fall under correction. At the time of writing, gold trades at 1717.76 per ounce.

The US dollar has fallen off the strongest levels in two decades as per the DXY index, which measures the dollar’s performance versus a basket of currencies.

The index was last seen down 0.44% to 109.76, after earlier touching 110.786 the highest since 2002. US Treasury yields also slid from early highs, bullish for gold since it offers no interest. The yield on the US 10-year note was last seen down 2.45% to 3.271%.