Gold Price Forecast: XAU/USD pokes wall of resistance near $1,830, inflation, yields eyed By anilpanchal7 Gold RiskAppetite Commodities YieldCurve Inflation
Consumer Price IndexThe benchmark US 10-year Treasury yields stay firmer around 1.956% following the previous day’s run-up to the highest levels since late 2019. On the contrary, US inflation expectations, as measured by the 10-year breakeven inflation rate per the St. Louis Federal Reserve data, remain sluggish around a three-month low flashed during late January, recently around 2.42%.
Also contributing to the gold’s upside momentum is the looming risk of a Russian invasion of Ukraine and the US-China trade tussles. On the same line are the latest comments from the Chinese Communist Party that was quoted in the South China Morning Post as saying, “China should ‘support and guide’ the healthy development of capital, and prevent the ‘barbaric growth of capital.’”
Amid these plays, Wall Street offered another positive day and the S&P 500 Futures also trade positive at the latest but theLooking forward, risk catalysts and Fedspeak will direct short-termGold stays firmer inside the weekly bullish trend channel, recently easing from the top amid firmer RSI and MACD signals. Also favoring the upside bias is the metal’s successful trading beyond the 100 and 200 SMAs.
Following that, a five-week-old horizontal area surrounding $1,829-32 will be a tough nut to crack for gold buyers, a break of which will open doors for a rally towards January’s peak surrounding $1,853.
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