In the US Treasury market, yields are marginally lower – normally a gold supportive scenario – with the benchmark UST 10-year trading with a yield of 3.14%, down from 3.24% on Monday. Get your market update from nickcawley1 here:
An interesting move in gold this morning with the precious metal on the cusp of testing short-term support. The precious metal fell on Monday after the release of weaker-than-expected U.S. CB consumer confidence data and there is little fresh news so far today to stem or fuel the next move. In the US Treasury market, yields are marginally lower – normally a gold supportive scenario – with the benchmark UST 10-year trading with a yield of 3.14%, down from 3.24% on Monday.
Looking at the daily chart, gold remains biased to the downside. The short-term series of lower highs remain in place, while a near-complete series of lower lows add weight to lower prices. The precious metal remains below all three simple moving averages, while the 50-/200-day sma cross over – ‘death cross’ – adds to the chart’s gloomy outlook. The first level of support is seen at $1,805/oz. before $1,786/oz. comes into play.
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