Gold Price Forecast: XAU/USD bears the burden of firmer United States Treasury bond yields Gold XAUUSD SEO China YieldCurve
id lackluster holiday season. In doing so, the yellow metal portrays the market’s fresh fears of inflation, emanating from China, as well as geopolitical tension surrounding Russia and Ukraine, which in turn propel US Treasury bond yields and the US Dollar. However, the lack of major data/events joins the strong presence of the 21-Daily Moving Average support to challenge the precious metal’s immediate downside.
Also teasing the Gold sellers were news from Reuters suggesting inconsistent virus details from Beijing. “China reported three new COVID-related deaths for Tuesday, up from one for Monday - numbers that are inconsistent with what funeral parlours are reporting, as well as with the experience of much less populous countries after they re-opened,” reported Reuters.
Adding strength to the bearish bias over the Gold price momentum is the downbeat signals from the Moving Average Convergence and Divergence indicator, as well as the steady Relative Strength Index , located at 14. Alternatively, an upward-sloping resistance line from September, close to $1,835 by the press time, restricts immediate advances of the XAU/USD before the ascending trend line resistance line from October, around $1,848, to restrict short-term upside of the Gold price.
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