Gold price is easing toward $1,920, making it for a negative start to a key week ahead. The United States Dollar (USD) and the US Treasury bond yields
Markets turn cautious heading into the US/ EU inflation week ahead. price is easing toward $1,920, making it for a negative start to a key week ahead. The United States Dollar and the US Treasury bond yields have entered a phase of consolidation near last week’s high, as investors look to this week’s inflation data from the US and Europe for a fresh directional impetus.
In light of these factors, a steady US Dollar and firmer US Treasury bond yields are exerting downward pressure on the non-interest-bearing Gold price.will leave the Gold price at the mercy of risk sentiment and the US Dollar price action alongside the US Treasury bond yields. Germany’s IFO survey will be closely eyed for fresh cues on the state of the Eurozone economy. Meanwhile, speeches from Fed policymakers could also entertain Gold traders.
The 14-day Relative Strength Index indicator also flipped back into the negative territory, below the 50 level, suggesting that the downside remains more compelling. On the flip side, a sustained break above the 21 and 200 DMA confluence of $1,926 is needed to take on the 50 DMA at $1,929 on again. Gold buyers will then target the downward-sloping 100 DMA at $1,941 if the abovementioned upside barriers are reclaimed decisively. Information on these pages contains forward-looking statements that involve risks and uncertainties.
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