gold eases from two-month high as yields rebound, focus on $1,825
The daily chart for the XAU/USD pair shows that it has bounced for a second consecutive day from around a bullish 20 SMA, which advances above directionless longer ones. Technical indicators, in the meantime, have turned higher after approaching their midlines, although the positive momentum remains limited.
The near term picture indicates substantial buying interest, as the latest two candles are quite long while extending below all of the moving averages. At the same time, technical indicators head firmly higher, approaching overbought readings. The next resistance level is 1,842.82, the low from November 11, with room for a test of November high at 1,877.15 on a break beyond it.Fundamental Overview
Spot gold trades above $1,840 a troy ounce, at levels last seen in November 2021. The bright metal soared through the American session amid persistent concerns about inflation and volatile US government bond yields. Germany confirmed the annual Consumer Price Index at 5.3% in December, its highest in almost 30 years, which sent the German 10-year bund yield trading in positive territory for the first time in almost three years. The US Treasury note yielded as much as 1.
Meanwhile, only European stocks managed to trade in the green, as US indexes quickly changed course after Wall Street’s opening, with major indexes now in the red. Demand for the greenback has been tepid ever since the day started, with gold advancing steadily but accelerating north after breaking through its recent highs in the 1,830 price zone.
Investors are waiting for the US Federal Reserve monetary policy announcement next week and whether policymakers will steepen tightening. The greenback may lack self-strength between now and then.Interested in weekly XAU/USD forecasts? Our experts make weekly updates forecasting the next possible moves of the gold-dollar pair.
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