Gold has gained fresh momentum despite higher treasury yields. The precious metal\u2019s price hit three- day high, and remains oblique, looking at the $1860 resistance.
The US dollar pulled back during the American session boosting the Gold Index which climbed to $1859.70, reaching the highest level in three days. Gold is currently facing resistance around the $1860 territory.
On a quiet session, the Dollar Index turned negative in American hours, sliding back to the 102.30 area. US yields are modestly higher with the 10-year at 3.01% and the 30-year at 3.16%. Eurozone yields are higher ahead of the European Central Bank meeting on Thursday.
Despite the yields\u2019 move, gold is rising although gains seem limited for the moment while unable to break above $1860. A break above would expose the strong barrier of $1870. The following resistance is the $1890 area, a horizontal level and also the confluence of the 55 and 100-day Simple Moving Averages.
If gold price fails to rise above $1860, a retreat back to the $1850 area seems likely. The immediate support might be seen at $1840 followed by the weekly low at $1836 and then $1827 (June 1 low). On a wider perspective, the Gold Index continues to move sideways between $1835 and $1870.
During the next sessions volatility could pick up considering the ECB meeting on Thursday, US inflation data on Friday, and the FOMC meeting next week.<\/p>\n","protected":false},"excerpt":{"rendered":"
Gold has gained fresh momentum despite higher treasury yields. The precious metal\u2019s price hit three- day high, and remains oblique, looking at the $1860 resistance.The US dollar pulled back during the American session boosting the Gold Index which climbed to $1859.70, reaching the highest level in three days. Gold is currently facing resistance around the …<\/p>\n","protected":false},"author":13,"featured_media":61547,"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":[8322,6874,6984,6871],"class_list":["post-66755","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-forex-markets","category-market-updates","tag-fomc-meeting","tag-gold","tag-treasury-yields","tag-usd"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/66755","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=66755"}],"version-history":[{"count":2,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/66755\/revisions"}],"predecessor-version":[{"id":66759,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/66755\/revisions\/66759"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/61547"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=66755"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=66755"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=66755"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}