Gold tumbles to $1890 and then rebounds more than $20. Volatility is set to remain high amid news from Ukraine and sharp moves in the Treasury market. Bearish bias prevails in XUA\/USD, more losses seen on a consolidation under $1900.
Gold is having another volatile session on Tuesday. Price dropped sharply to $1890 following positive reports about the conversation between Ukraine and Russian authorities. It then rebounded sharply, rising back above $1910.
The Gold Index XAU\/USD is hovering around $1912 as stocks in Wall Street hold onto daily gains. The yellow metal received support from a weaker US dollar and lower US yields. The DXY is having the worst day since March 10, falling 0.90%; it trades at 98.25, after finding support above 98.00.
The Treasury market is also making sharp moves. The US 10-year yield peaked earlier at 2.53% and then tumbled to as low as 2.38%. As of writing, it is hovering around 2.43%. The decline in yields took place amid an improvement in market sentiment.
While US yields continue to correct lower, gold could find buyers after dips. If yields start rising again, gold will likely come under pressure. A consolidation under $1900 (or a daily close below $1910) would likely trigger more losses. The next strong support stands at $1885 (55-day SMA) followed by $1875 and $1850.
On the upside, the daily high at $1930 is the first relevant resistance, followed by the 20-day simple moving average that stands at $1955. A daily close above $1960 would negate the current negative bias.<\/p>\n","protected":false},"excerpt":{"rendered":"
Gold tumbles to $1890 and then rebounds more than $20. Volatility is set to remain high amid news from Ukraine and sharp moves in the Treasury market. Bearish bias prevails in XUA\/USD, more losses seen on a consolidation under $1900.Gold is having another volatile session on Tuesday. Price dropped sharply to $1890 following positive reports …<\/p>\n","protected":false},"author":13,"featured_media":61079,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,37,36],"tags":[6874,6984],"class_list":["post-62917","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-forex-markets","category-market-updates","tag-gold","tag-treasury-yields"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/62917","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=62917"}],"version-history":[{"count":2,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/62917\/revisions"}],"predecessor-version":[{"id":62921,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/62917\/revisions\/62921"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/61079"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=62917"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=62917"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=62917"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}