Gold price is consolidating last Friday’s uptick below $2,000 at the start of the week on Monday, as the United States Dollar (USD) and US Treasury bond yields are trying hard to find their feet amid a risk-friendly market environment.
Gold price treads water below $2,000 amid a risk-on market environment. US Dollar pauses sell-off with the US Treasury bond yields after dovish Fed outlook. Gold price portrays a potential ascending triangle pattern on the daily chart. Focus on the US bond market, Treasury bond yields Friday’s global risk rally is extending into Asian trading early Monday, as investors cheer increased odds of the US Federal Reserve likely done with its rate-hiking cycle.
However, the Greenback is seeing a bit of a relief in Asia on Monday, drawing support from a minor rebound in the US Treasury bond yields, as investors adjust their positions heading into a new week. Therefore, the Gold price is struggling to regain the upside traction while an improved risk sentiment also acts as a headwind for the bright metal.
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