Gold tested a noted level of support at the end of last week but failed to break lower as US Treasury yields fell throughout the session. Get your market update from nickcawley1 here:
Gold tested a noted level of support at the end of last week but failed to break lower as US Treasury yields fell throughout the session. The support level – around $1,786/oz. – proved robust and the precious metal ended the session in positive territory, leaving a bullish hammer candlestick on the chart. This candle formation usually suggests a bullish turnaround, especially if preceded by a bearish trend.
With the US closed today to celebrate Independence Day, turnover across all markets is likely to be limited. Gold looks set to trade within a $1,786/oz. to $1.840/oz. range in the short-term with US Treasury yields the likely driver of the next move. 10-year UST yields are now 60basis points below their recent high of 3.48%, as fears of a recession in the US increase. Financial markets are now pricing-in US rate cuts by the middle of 2023, easing the pressure on the precious metal.
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