Gold price resumed downside on Monday, fall to the $1,980$ area. The Us Dollar rises across the board, boosted by higher US yields.
Gold price resumed the downside on Monday, breaking under $1,990. XAU\/USD bottomed at $1,980 reaching the lowest level in a week. The precious metal is trading at 1995.70, at the time of writing. The reversal in gold gained momentum amid a rally of the US Dollar and higher US yields.
Expectations that the Federal Reserve will raise interest rates again in May pushed yields to the upside. The US 10-year yield rose to 3.60%, the highest level since late March. The US Dollar Index is advancing for the second day in a row, and is above 102.20.
Data released on Monday in the US showed a sharp rebound in the Empire Manufacturing Index in April to 10.8 from -24.60, surpassing expectations of -18.0. The numbers contribute to the expectations of one more rate hike from the Fed.
On the daily chart, XAU\/USD is trading around the 20-period Simple Moving Average at the $1,990 area. If the yellow metal consolidates clearly below, the outlook would point to an extension of the correction. On the contrary, if gold manages to remain above and retakes $2,005 bulls may return. The next resistance is seen around $2,025.<\/p>\n","protected":false},"excerpt":{"rendered":"
Gold price resumed downside on Monday, fall to the $1,980$ area. The Us Dollar rises across the board, boosted by higher US yields.Gold price resumed the downside on Monday, breaking under $1,990. XAU\/USD bottomed at $1,980 reaching the lowest level in a week. The precious metal is trading at 1995.70, at the time of writing. …<\/p>\n","protected":false},"author":13,"featured_media":71340,"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":[6874,9630],"class_list":["post-82955","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-forex-markets","category-market-updates","tag-gold","tag-us-empire-manufacturing-index"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/82955","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=82955"}],"version-history":[{"count":3,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/82955\/revisions"}],"predecessor-version":[{"id":82962,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/82955\/revisions\/82962"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/71340"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=82955"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=82955"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=82955"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}