Gold Price Forecast: XAU/USD pullback targets $1,968 amid US Dollar rebound, sluggish yields Gold XAUUSD YieldCurve RiskAversion Fed
he precious metal bears the burden of the US Dollar rebound, as well as a downbeat geopolitical headline, amid a sluggish Asian session. prints mild gains around 102.20 after falling the most since March 22 on Monday. The DXY’s latest rebound could be linked to the corrective bounce in the US Treasury bond yield. That said, the US 10-year and two-year Treasury bond yields lick their wounds around 3.42% and 3.98% after printing a four-day and two-day downtrend in that order.
Late on Monday, Russian Foreign Minister Sergei Lavrov raised fears of escalating Moscow-Brussels tussle by saying, “The European Union has "lost" Russia.” The policymaker also added that Moscow will deal with Europe in a tough fashion if need be. Furthermore, the US-China tension is also on the table as Beijing keeps reiterating its dislike for the US-Taiwan ties but Washington seems to ignore it.
Against this backdrop, S&P 500 Futures pause a four-day uptrend near the highest levels since February 16 while the yields lick their wounds. As a result, the XAU/USD sellers are likely to extend the latest fall towards the 10-Exponential Moving Average level surrounding $1,968.
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