Gold Price Forecast: XAU/USD tumbles below $1850 on elevated US bond yields Gold XAUUSD Metals
Gold falls as US T-bond yields climbed
falling 0.28%, at 104.232. Contrarily, US Treasury bond yields, mainly the 10-year, is up one bps at 3.967%, a headwind for Gold prices. In addition to Jerome Powell’s appearance at the congress, XAU/USD traders are eyeing US employment data. The prior month’s USreport crushed estimates of 200K, creating more than 500K jobs in the economy. For February, market analysts expect an increase of just 200K compared to last month’s data. Upbeat data would send XAU/USD extending its losses, as further labor market tightening would warrant higher rates in the US economy, so it could be slowed down to curb inflation.
Gold’s first support would be the confluence of the 20/50-day EMAs at $1846.00. Once cleared, XAU/USD would get towards the March 3 daily low of $1835.51, followed by the 100-day EMA at $1822.15 and the 200-day EMA at $1805.16.Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets.
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